(1) Money required for the current expenditure of the Board with the exception of petty cash and surplus moneys shall be kept in current account in the State Bank of India or any of the nationalized banks and operated as per requirements and expenditure shall be incurred only after sanction thereof by withdrawing money from this Account.
(2) Funds in the Board’s Pension Fund or Provident Fund, not required for current expenditure, may be invested in Trustee Securities or Ten-Year Treasury Savings Deposit Certificates or National Savings Certificates or National Defence Certificates to the extent permissible or in fixed deposit with the State Bank of India or any of its subsidiaries or, if approved by the Central Government, with any other scheduled bank.
(3) Payment by or on behalf of the Board shall be made in cash or by cheque drawn against the current account of the Board.
(4) Such cheques and all orders for making deposit or investments or withdrawal of the same, or for the disposal in any other manner, of the funds of the Board shall be signed by the Secretary and countersigned by the Chairman or in the absence of the Chairman, any other officer of the Board duly authorized by him.
CHAPTER VII MISCELLANEOUS