(1) To determine the level of authority for sanction, the amount sanctioned or incurred in respect of each transaction as a whole and not any installment or part of a transaction shall be taken into account.
(2) No officer shall sanction expenditure which may directly or indirectly be to his own advantage or benefit.
(3) All expenses, either of revenue or capital nature, incurred in any year shall be within the approved annual budget allocated for that year for meeting the expenditure and the annual budget approval is only a general sanction and there shall be specific approval of the competent authority for incurring expenditure in the manner as specified under these Regulations and all expenditures shall be subject to the relevant limits authorized for a particular kind/nature of expenditure.
(4) The Vice-Chancellor, as the principal academic and executive head of the University, shall have the full authority over financial matters and shall supervise the financial and administrative matters: provided that the Vice- Chancellor may delegate in writing his financial and administrative powers to other officers, authority, committee or employee of the University as deemed fit:
Provided further that the delegation of powers by the Vice-Chancellor to the officers and staff of the University shall be subject to ultimate control of the Vice-Chancellor.
20 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
(5) Any officer exercising financial powers either by virtue of his post or by delegation shall exercise his powers and functions to the extent delegated by the Vice-Chancellor.
Financial Authority