(1) As soon as may be after the commencement of the Act, the State Government may, by notification in the Official Gazette, appoint a Committee to be called the Public Expenditure Review Committee.
(2) The Committee shall consist of not more than five members who are having expertise in the fields of Finance, Economic Management, Planning, Accounts and Audit and Law.
(3) The members of the Committee shall be appointed by the State Government on the recommendation of the Selection Committee consisting of the Chief Minister, the Finance Minister and the Leader of the Opposition.
(4) The terms and conditions of the members in the Committee shall be such as may be prescribed.
7. The Committee shall submit to the State Government in such form, and at such intervals, as may be prescribed a review report giving full account of each item where the deviation from the fiscal target has occurred during the previous year.