(1)The Board may borrow, with the approval of the Government, any sum/sums on the security of its funds or assets for the purposes mentioned in section 9 of the Act. The Member-Secretary, on behalf of the Board, shall negotiate with the lending institutions the terms and conditions and all other aspects related with the borrowing of funds.
(2) Any money borrowed under this rule shall not be applied for any other purpose without the previous sanction of the Government. While applying for such sanction of the Government, the Board shall furnish all such particulars in respect of the amount, purpose, nature and circumstances of the proposed borrowing as the Government may require.
(3) No borrowing shall have any impact on the state finance, and the Board shall ensure compliance of all guidelines issued by the Government from time to time in this regard.