(1) The Executive Officer of the Panchayat Samiti shall review the approved budget for the current financial year on or before the 10th January in each year with regard to actual receipts and payments to date and also probable receipts and payments upto the 3Ist March in the current financial year. If it appears that the approved budget estimate is required to be revised, the Executive Officer of the Panchayar Samiti shall bring it to the notice of the Sabhapati of the Panchayat Samiti proposing preparation of draft supplementary and revised budgct.
(2) The Secretary of the Panchayat Samiti shall, under the direction of the Sabhapati and the Executive Officer of the Panchayat Samiti, prepare a draft supplementary and revised budget of the current financial year in Form 2 on or before the 25th January in each year.
(3), The draft supplementary and reviscd budget prepared under sub-rule (2) shall be laid in a meeting of the Artha, Sanstha, Unnayan O Parikalpana Sthayee Samiti on or before the 10th February in cach year. The aforesaid Sihayee Samiti shall consider the draft supplementary and revised budget and effect such modification as it may deem fit.
(4) The draft supplementary and revised budget prepared under sub-rule (3) shall be laid in a mecting of the Panchayat Samiti specially convencd for the purpose for approval in the presence of at feast half of the existing members on or before the 28th February of the current year and the supplementary and revised budget so approved, with such modifications as may be decided in the meeting, shal! come into effect immediately:
Provided that the notice of the meeting shall be accompanied by a copy of the supplementary budget as modified under sub-rule (3):
Provided further that notwithstanding anything to the contrary contained in any other provision under the Act or any rule made thereunder, if the attendance of the members in such meeting falls short of at Icast half of the existing members, the meeting shall be adjourned on fixing date, place and time of holding the adjourned mecting and that adjourned mecting shall be held in presence of at least half of the existing members:
Provided also that at least three days notice for the adjourned mecting shall be served upon each member:
Provided also that such meeting shall be repeatedly convened until attendance of at least half of the cxisting members is obtained in the meeting.
(5) Acopy of the approved supplementary budget shall be forwarded to the Zilla Parishad, the District Magistrate and the Sub-Divisional Officer having jurisdiction and also to the Treasury where the Panchayat Samiti fund is lodged on or before the 10th March of the current year.