(1) The Board or market committee, as the case may be, shall prepare in Forms 41 and 42 respectively for every year, a revised estimate for that year and a budget estimate for the succeeding year in respect of-
(a) (i) pay and allowances to its employees, and
(ii) all the receipt and expenditure including the pay and allowances of its employees;
(b) The material alteration statement to the revised estimate; and
(c) final surrender statement for the year in respect of pay and allowances of the employees so as to reach the Government on or before the 15th day of August, 1st day of January and 1st day of March of every year
(2) No expenditure shall be incurred for which there is no budget provision, unless it can be met by re-appropriation from savings under other heads which shall be sanctioned by the market committee or Board, as the case may be, and approved by the Director in the case of market committee, if it exceeds, Rs. 5,000 (Rupees five thousand only), and by the Government in the case of Board, if it exceeds Rs.
10,000 (Rupees ten thousand only).
(3) Except where any expenditure is covered by the standing sanctions or where necessary powers have been delegated to the executive authority concerned market committee in this behalf, provisions of funds in the Budget by itself convey no sanction to authority to incur expenditure.