(1) The Principal of every College shall prepare in the prescribed form an estimate of its probable income including income from endowments and bequests, if any, expenditure for the next ensuing financial year and the same shall be considered and sanctioned by the Governing body or managing committee of the College either without alteration or with such alteration, as it thinks fit and copy of the estimate so sanctioned shall be submitted by the College to the Vice-Chancellor on or before such date as may be prescribed by the Statutes.
(2) (i) On receipt of the estimate under sub-section (1) it shall forthwith be referred by the Syndicate to the Finance Committee for scrutiny and report. Thereupon the Finance Committee shall scrutinize every item of estimate and in particular the portion of the estimate relating to grants-in-aid to the College and submit alongwith a report to the Syndicate, as may be prescribed by the Statutes.
(ii) The Syndicate shall forthwith consider the estimate and the report of the Finance Committee and return the estimate to the College for rectification of defects therein, if any.
(3) The Finance Committee shall prepare the annual estimate of income and expenditure of the University for the next ensuing financial year and shall, on or before the date as may be prescribed, forward the same together with the memorandum containing explanatory notes thereon to the Syndicate which may approve the estimates either without alteration or with such alteration as it thinks fit and the estimates so approved by the Syndicate shall be laid before the Senate at its annual meeting.
(4) Every estimate prepared under sub-section (3) shall in accordance with the direction given by the State Government, make provisions for the due fulfillment of all the liabilities of the University including the allotment of grants to the Colleges and for the efficient administration of the Act and the Statutes, the Ordinances, the regulations and the Rules made thereunder.
(5) Every estimate under this section shall be prepared in such form and shall contain such details as may be prescribed by the Statutes.