Section 5(xxiii) in The M.P. Makhanlal Chaturvedi Rashtriya Patrakarita Vishwavidyalaya Sansthan Adhiniyam, 1990
(xxiii)to draw and accept, to make and endorse, to discount and negotiate Government of India and other promissory notes, bills of exchange, cheques or other negotiable instruments, with the prior permission of the State Government;
