(1)Every Gaon Panchayat shall, at such time and in such manner as may be prescribed, prepare in each year a budget of its estimated receipts and disbursement for the following year and shall submit the budget to the Anchalik Panchayat, having jurisdiction over the Gaon Panchayat.(2)The Anchalik Panchayat may within such time as may be prescribed; either approved the budget or return it to the Gaon Panchayat for such modification as it may direct. On such modification being made the budget shall be re-submitted such time as may be prescribed for approval of the Anchalik Panchayat.(3)No expenditure shall be incurred unless the budget is approved by the Anchalik Panchayat. If the Anchalik Panchayat fails to convey its approval within the time prescribed for the purpose, the budget shall be deemed to have been approved by the Anchalik Panchayat.
