Section 101(3)(c) in Rajasthan Panchayati Raj Act, 1994
(c)the whole of the assets vesting in, and of the liabilities subsisting against, the municipality so declared to be a Panchayat or, in case where only a part of a municipality is included in, or declared to be a Panchayat, such portion of the said assets and liabilities as the State Government may direct, shall devolve upon the Panchayat declared for such area or upon the Panchayat in which such area of the municipality is included;