(1) The Syndicate shall prepare with the assistance of the Finance Officer before such date as may be prescribed by the Statutes, the financial estimates for the ensuing 26 year and get them scrutinised by the Finance Committee and place the same before the Academic Council.
(2) The Syndicate may, in cases where expenditure in excess of the amount provided in the budget is to be incurred or in cases of urgency, for reasons to be recorded in writing incur expenditure subject to such restrictions and conditions specified in the Statutes. Where no provision has been made in the Budget in respect of such excess expenditure, a report shall be made to the Academic Council at its next meeting.
(3) The budget estimates of the University shall be prepared keeping in view the anticipated grants from the Government and all other sources including mobilisation of its resources. However, supplementary budget estimates may be placed before the Syndicate in October every year in anticipation of any additional grants, but, no expenditure on this part should be incurred unless such additional grants are received.
(4) The University shall, without the prior approval of the Government not divert for other purposes earmarked funds or revise scales of pay of its staff or implement any scheme which involves any matching contribution from the Government or a scheme which imposes a recurring liability on the Government after the assistance from the sponsoring authorities ceases:
Provided that no prior approval is necessary where a scheme or a programme which imposes a recurring liability on the University, but funded by the University Grants Commission, the Central Government or met out of the interest derivable from a corpus or contribution or donation or endowment instituted by a private sector or individual or institutions and such a recurring liability does not cast any burden on the Government and the entire expenditure in that respect is met out of the university funds.