(1)The budget shall be for the market year commencing from the first October and ending on thirtieth September.(2)The Market Committee shall hold a meeting each year during the third week of July to consider the budget estimates of income and expenditure and finalise the same for the ensuing year. After consideration in a budget estimate the committee may approve them without any change or subject to such alterations as it may deem expedient, approve them.(3)The budget as approved and finalised by the Market Committee shall be submitted to the Director not later than Thirty-first of July every year, for sanction and abstract accounts of the receipts and expenditure of the previous market year shall also be submitted to the Director not later than the first December.(4)No provision for works and repair shall be included in the budget without the previous approval of the Director or any officer authorised by him in this behalf, if the estimated cost of it exceeds five thousand rupees.(5)The budget shall be accompanied by the following statements :(a)A statement in Form XVI showing the details of the scales and salary of the establishment of the committee provided for in the budget;(b)A statement in Form XVII showing the details of the estimated expenditure on works proposed to be undertaken during the year. No work for which plans and estimates have not been previously prepared and sanctioned by Competent Authority shall be included in the budget;(c)A statement in Form XVIII showing the loan obtained, the balance outstanding under each loan and the amount to be discharged during the market year on account of repayment of principal and payment of interest;(d)A statement in Form XIX showing the fixed contributions (to the funds like State Marketing Developing Fund, etc.) payable by the Market Committee.(6)If the committee fails to adopt the budget estimates and forward to the Director on or before the time prescribed under sub-rule (3), the Secretary shall prepare and forward the budget with the statements specified in sub-rule (5) to the Director and it shall be deemed to have been duly adopted by the Market Committee.(7)No expenditure shall be incurred by the Market Committee unless the same is covered by budget grant or it can be met by re-appropriation from the savings under other heads or by supplementary grant from the available reserves approved by the Director or any officer authorised by him.(8)It shall be open to the Director to modify, annul or rescind the budget estimates for reasons to be recorded and communicated in writing to the Market Committee.(9)The Director or any other officer authorised by him shall return the budget with his sanction in accordance with sub-rule (8) before the commencement of the new market year :Provided that in case the budget is not received by the Market Committee duly sanctioned the Market Committee may incur expenditure as provided for in the budget in respect of salary and other allowances of the staff of the Market Committee and other routine expenditure and if it is not approved within sixty days from the date of receipt, it shall be deemed to have been duly approved by the Director or any other officer authorised by him.
