48. General limitations on the financial powers of the University.
(1)The budget of the University showing the receipt and expenditure of the University on different accounts shall be submitted to the State Government at least three months before the end of the financial year for approval.(2)The State Government shall, at least one month before the end of the financial year, communicate its approval or otherwise of the budget of the University:Provided that the State Government shall, from time to time, release grants to the University to incur expenditure till the budget is approved.(3)If no communication is sent to the University by the State Government within the period as aforesaid, the budget shall be deemed to have been approved by the State Government.(4)Notwithstanding anything to the contrary contained in this Act, the University shall not, except with the prior approval of the State Government, incur any expenditure on any amount in excess of amount specified in the budget on that account:Provided that no such prior approval shall be necessary in respect of any expenditure on any scheme not provided in the budget, if such expenditure is met by the University out of its own resources.
