(1) The Board shall, by such date in each year as may be prescribed, prepare and submit to the Government for approval the budget in the prescribed form for the next financial year showing the estimated receipts and expenditure in respect of Khadi and Village industries respectively during that financial year. The Board shall forward a copy of the budget to the Commission for information and remarks, if any.
(2) Subject to the provisions of sub-sections (3) and (4), no sum shall be expended by or on behalf of the Board unless such expenditure is covered by a specified provision in the budget approved by the Government.
(3) The Board may, within the respective limits of the budget, sanction any re-appropriation from one head of expenditure to another or from a provision made for one scheme to that in respect of another :
Provided that no re-appropriation from the head ‘loan’ to any other head or expenditure and vice versa in the budget shall be sanctioned by the Board except with the previous approval of the Government and the Commission.
(4) The Board may, within such limits and subject to such conditions as may be prescribed, incur expenditure in excess of the limit provided in the budget approved by the Government under any head of expenditure or in connection with any particular scheme so long as the aggregate amount in either budget approved by the Government is not exceeded.