Section 151 in The Punjab Panchayati Raj Act, 1994
151. Power of Panchayat Samiti is to raise loans.
(1)The Panchayat Samiti may subject to the provisions of this Act, or any other law for the time being in force raise from time to time, with the approval of the State Government, loans for the purposes of this Act and create a sinking fund for the repayment of such loans.(2)A Panchayat Samiti may borrow money from the State Government or, with the previous sanction of the State Government, from banks or other financial institutions, for furtherance of its subjective on the basis of specific schemes as may be drawn up by the Panchayat Samiti for the purpose.
