(1) Every village (Dweep) panchayat shah prepare annualy, on or before such date and in such form as may be prescribed, a budget estimate of its income and expenditure for the next financial year and submit it to the District Panchayat for its observations and recommendations;
Provided that the budget estimate shall be so prepared that at the end of the financial year, the concerned panchayat shall have at its credit a balance of not less than such minimum amount as may be prescribed in this behalf.
(2) The District Panchayat shall, as soon thereafter as may be. consider the budget estimates and return it with such observations and recommendations as it may consider necessary, to the concerned panchayat which shall approve it, by not later than the 1st March of each year, with such modifications as it may think fit having regard to the observations and recommendations made by the District Panchayat. A copy of the approved budget estimate shall be forwarded to the prescribed authority without delay.
(3) The District Panchayat shall prepare annually, on or before such date and in such form as may be prescribed, a budget estimate of its income and expenditure for the next financial year;
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Provided that the budget estimate shall be so prepared that at the end of the year the panchayat shall have at its credit a balance of not less than such minimum amount as may be prescribed in that behalf.
(4) The District Panchayat shall, as soon at. may be, after the said date consider the budget estimate and approve the same 011 or before the 3 h i , March of the current year with or without modification as it shall think fit. A copy of every budget estimate as finally approved shall be forwarded by the President-cum-Chief Counsellor without delay to the prescribed authority.
(5) Where the panchayat has failed to comply with the provisions of subsection (4), it shall be lawful for the Administrator to form an opinion that the panchayat is incompetent to perform the duuo-. ia po^d on it or functions entrusted to it under the provisions of this Regulation.
(6) Mo expenditure shall be incurred by a panchayat unless it is included in the budget estimates which has been approved by it,
(7) A panchayat may, at any time during the year for which annual budget estimate has been approved, cause a revised or supplementary budget estimate to be prepared which shall be considered and approved by the panchayat in the same manner as if it were an original annual budget estimate:
Provided that a copy of the revised of supplementary budget estimate shall be forwarded to the prescribed authority within ^uch time as may be prescribed.