(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 shall submit the budget to the Panchayat Samiti having jurisdiction over the area of the Gram Panchayat.(2)The Panchayat Samiti may, within such time as may be prescribed, either approve the budget or return it to the Gram Panchayat for such modification as it may direct and on such modification being made the budget shall be resubmitted within such time as may be prescribed for approval of the Panchayat Samiti.(3)No expenditure shall be incurred unless the budget is approved by the Panchayat Samiti and if the Panchayat Samiti fails to convey its approval within the time prescribed for the purpose, the budget will be deemed to have been approved by the Panchayat Samiti.
