(1)A Panchayat may borrow any sums of money which may be required for the purposes for which the funds of the Panchayat may be applied under the provisions of this Act or any other law in force:[Provided that while raising such loan the assets of the Panchayat shall not be pledged for purposes other than for utilising in remunerative development schemes.] [Inserted by Act 13 of 1999.]
