(1)Every Gram Panchayat shall, at such time and in such manner as may be prescribed, prepare in each year a budget of its estimated receipts and disbursements for the following year and after the Gram Sabha has considered it, as provided in section 9, submit it, with such modification, if any, as it may consider necessary to make, to the prescribed authority for sanction through the Anchal Panchayat concerned, and the Anchal Panchayat shall forward the same to the prescribed authority with such observations as it may think fit to make, and thereupon the prescribed authority shall pass the budget with such modifications, if any, as it may think fit to make, and the Gram Panchayat shall abide by the budget as passed by the prescribed authority.(2)The Gram Panchayat may prepare in each year a supplementary estimate providing for any modification of its budget and may submit it to the prescribed authority for sanction in the manner indicated in the foregoing sub-section.
