(1) The Finance Committee shall oversee the financial matters of the University.
(2) An officer or authority or committee or body to whom or to which, the financial power has been delegated may approve purchase of goods or services or contracts valued up to rupees one lakh only and in the absence of any such delegation, the Vice-Chancellor shall approve the purchase of such goods, services or contracts.
(3) The Vice-Chancellor shall approve all purchases of goods or services or contracts valued above rupees one lakh and up to rupees twenty five lakhs as per the recommendation of a Purchase Committee constituted by the Vice-Chancellor for the said purpose.
(4) The Vice-Chancellor shall approve all purchases of goods or services or contracts valued over rupees twenty five lakhs on the recommendation of the Procurement Committee.
(5) All purchases, execution of works, hiring of services and other related matters shall be made as per the Procurement Procedure hereinafter provided in these Regulations.
(6) As per section 10(d) of the Statutes of the University, the Finance Committee shall have the power to sanction expenditure above Rupees twenty five lakhs which has not been provided for in the budget.
(7) In case of delegation of financial powers, the Vice-Chancellor shall specify the monetary limits while delegating powers to any other Authority, Officer or employee of the University and the financial power assigned to such delegate shall not be further delegated to any other officer or such financial power shall not be exercised by any other officer of equivalent rank.
(8) If the delegate is not present to perform the delegated financial powers, alternative arrangements for exercising such power may be made with the specific approval of the Vice-Chancellor.
(9) All disbursements above rupees ten thousand shall be made by account payee cheque, by wire transfer or by electronic funds transfer, save and except the cash disbursements authorised by the Vice-Chancellor or authorized officer to the University staff, as per the Statutes, Regulations or Ordinances in force from time to time and disbursements shall be recorded in the accounts on the day on which they are made, that is, on the day of issue of cheque, transfer of funds or payment made in cash.
(10) Unless otherwise specified, the residual powers in respect of all financial matters shall be with the Finance Committee.
Financial Powers of the Vice-Chancellor