Any amount of loan taken by the Grama Sasan from the State Government, which remains unspent at the end of period fixed by the State Government for utilisation of the loan amount, or which remain unspent at the completion of the work for which such loan was taken by the Grama Sasan, shall be refunded forthwith Government by the Grama Sasan along with the amount of interest due in respect of such amount:Provided that the Director of Grama Panchayats may grant such time to a Grama Sasan for utilisation or refund, as the case may be, of such amount as he may consider necessary.
