37. Deposit of funds of the Board in banks and the investments of such funds.
(1)Money required for current expenditure of the Board, with the exception of petty cash and surplus moneys shall be kept in a current account in the State Bank of India or such other bank as the Central Government may approve.(2)Any funds not required for current expenditure may be placed in deposit account with the Central Government in the Public Account or invested in short-term deposits with such banks as may be approved by the Central Government for the purpose.(3)The placing of money in deposit with the Central Government require the sanction of the [Executive Director] [Substituted 'Chairman' by Notification No. G.S.R. 668 (E), dated 4.7.2016 (w.e.f. 1.8.1955).] or any officer authorized by the [Executive Director] [Substituted 'Chairman' by Notification No. G.S.R. 668 (E), dated 4.7.2016 (w.e.f. 1.8.1955).].(4)Payment by or on behalf of the Board shall be made in cash or cheque drawn against the current account of the Board.(5)Such cheques and all orders for making deposits or investments or withdrawals of deposits or investments or for the disposal in any other manner of the funds of the Board shall be signed by the Director Finance or any other officer of the Board, duly authorised by the Board in this behalf, and countersigned by the [Executive Director] [Substituted 'Chairman' by Notification No. G.S.R. 668 (E), dated 4.7.2016 (w.e.f. 1.8.1955).] or any other officer authorized by the [Executive Director] [Substituted 'Chairman' by Notification No. G.S.R. 668 (E), dated 4.7.2016 (w.e.f. 1.8.1955).].Provided that where the amount covered by any such cheque or order does not exceed Rs.5000/- such cheque or order may be countersigned by the Secretary or in his absence by any other officer of the Board duly authorised by the [Executive Director] [Substituted 'Chairman' by Notification No. G.S.R. 668 (E), dated 4.7.2016 (w.e.f. 1.8.1955).].
