If on the compleUonof the work or closing of the account of the transaction for which a Panchayat has borrowed money, the State Government is satisfied that the whole ofmoney has not R.19 PAN. LOANS FROi\f GOVT. OR FIN. INSTI. RULES, 1999 (PR)587 1 f 1 .t I, t.
t.
it n cs ~y d, lY Ie 19 ed .ot \ I been spent on the purpose for which it was borrowed it will proceed as followS',namely :-"
(a) In the case of Government loan the State Government will direct that unexpended balance shall be fDrthwith repaid to the Government may direct such. variation as it may consider necessary on this account in the .installments fixed for the liquidation of the loan.
(b) In the case of a loan raised from any other authority or financial institution constituted under any Law for the time being in force and which is in receipt of a grant from the State Government, or Government of India. the Government may direct that the unexpended balance shall be utilised in the reduction in any way of the debt of the Panchayat. If in the opinion of the Governlnen":; the Panchayat has fa:.led to comply with any of the conditions prescribed in the Act or in these rules in respect of any loan, it may at any time determine such loan and may further direct that any amount advanced with interest thereon shall be repaid immediately.