Whenever it is found that any amount due to the board or a Marketing Committee is irrecoverable or should be remitted, or whenever any loss of the Board’s or a Marketing Committee’s money or stores or other property occur through the fraud or negligence of any person or for any other cause and such money or property is found to be irrecoverable, the fact shall be reported to the Board or Marketing Committee, as the case may be, and the Board, with the approval of the Director, and the Marketing Committee, with the approval of the Board, may order the amount or value of the property to be written off as lost, irrecoverable or remitted, as the case may be.
Provided that in case of Marketing Committee, if in any case the amount due or the value of such property is in excess of one thousand rupees, such order shall not take effect unless it is approved by the Director.