Section 84(9)(b) in Punjab Panchayat Samitis and Zila Parishads Finance, Budget and Accounts Rules, 2014
(b)the Panchayat Samiti or the Zila Parishad, as the case may be, shall determine up to what limit, not exceeding rupees five lacs, tenders may be dispensed with, In such cases the purchase shall be made at the lowest market rates by inviting quotations or at rate contracts, which shall be kept on record for audit purposes;