(1) The Project Preparation Fund shall be a Fund of the Board;
(2) The balances of the Project Preparation Fund shall be maintained in the public account or part of the Government cash balances in a separate bank account or both as may be decided by the Board.
(3) The power to sanction expenditure from the Project Preparation Fund shall be delegated as follows:
(a) Upto Rs.5 lakhs - CEO;
(b) From Rs.5 lakhs upto Rs.50 lakhs - A Sub-committee of the Executive Committee comprising Principal Secretary to Government (Finance Department), the CEO and one other member to be nominated by the Executive Committee;
(c) From Rs.50 lakhs upto Rs.5 Crores - The Executive Committee;
(d) Above Rs.5 Crores - The Board:
Provided that the expenditure sanctioned by authorities other than the Board shall be reported to the Board at its next meeting;
(4) The CEO of the Board shall be the drawing and disbursing officer of the Fund and shall maintain accounts in the appropriate form.
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