(1)All moneys received by the Market Committee shall be deposited in the Banking institutions situated within its notified market area which have been or may hereafter be approved for the purpose by the Board.(2)All payments made by the Committee, except from imprest, shall be made by account payee cheques or crossed cheques or order cheques but not by bearer cheques.(3)Every cheque drawn on behalf of the Committee shall be signed by the Secretary, Market Committee and Accountant or Head Clerk-cum-Accountant of the Committee after payment has been sanctioned or approved by the competent authority.(4)The competent authority for sanctioning of payments shall be Secretary, Market Committee in case of contribution payable to the Board, salaries of the fixed establishment as per the norm, bills of electricity, water, telephone and audit fee. [He shall also be competent to release the funds out of Market Committee funds for the works administratively approved/technically sanctioned to the Executive Engineer, P.W.D./B&R and Executive Engineer, Punjab Mandi Board] [Inserted vide Notification No. 101328 dated 13.3.1990, published in the Gazetted dated 6.4.1990.]. For sanction of other expenditures the competent authority shall be Market Committee. Where the Market Committee has not yet been constituted or the Chairman or Vice-Chairman have not been elected or appointed or where the Chairman or Vice-Chairman are not working, the competent authority shall be the Marketing Enforcement Officer or Senior Marketing Enforcement Officer or District Mandi Officer or any other officer authorised by Secretary Board.(5)No cheque shall be drawn except against a bill which has been examined and passed by the Secretary and Accountant or Head Clerk-cum-Accountant of the Committee.(6)Contribution payable by the Market Committee under sub-section (2) of section 27 of the Act would become due for each month at the close of the month and shall be paid to the Board by the Secretary of the Committee by the end of the following month. If the amount of contribution is not so received by the Board it shall be payable with interest at the rate of 5% per annum.Provided that if the contribution is not received by the Board within 90 days of its having become due, Secretary of the Board send a requisition to the bank where the funds of the Market Committees are kept. The Bank shall thereupon transfer the amount so claimed to the account of Marketing Development Fund under intimation to the concerned Market Committee and the Secretary of the Board.
