Section 31(1) in The Jammu and Kashmir State Agricultural Produce Marketing (Regulation) Act, 1997
(1)Every market committee/ committee in-charge shall prepare and pass the budget of its income and expenditure for the ensuing year in the prescribed form and shall submit it to the Director/ Board for sanction before the prescribed date every year. The Director/Board shall sanction the budget with or without modification within two months from the date of receipt thereof. If the budget is not returned by the Director/Board within two months, it shall be presumed to have been sanctioned.
