Section 3(13) in The Punjab Agricultural Produce Markets Act, 1961
(13)Subject to rules made under this Act, an estimate of the annual income and expenditure of the Board for the ensuing year shall be prepared and passed by the Board and submitted every year for the sanction of the State Government not later than the prescribed date. The State Government shall sanction and return the Budget within two months from the date of the receipt thereof. If it is not received within two months it shall be presumed to have been sanctioned.
