CHAPTER V
Finance, Budget and Accounts of the Authority

28.

Budget Estimates

(1)

The Authority shall, in each financial year, prepare a budget for the Marine Products Export Development Fund for the next financial year and shall submit it for sanction to the Central Government on or before such dates as may be appointed by the Government.

(2)

No expenditure shall be incurred until the budget is sanctioned by the Central Government and the sanction for that expenditure by the competent authorities is received.

(3)

The budget shall be prepared in the following form or as may be directed by the Central Government indicating:­

(i)

the estimated opening balance;

(ii)

the estimated receipts referred to in sub-Section (1) of section 17;

(iii)

the estimated expenditure classified under the following broad heads or such other heads as per the schemes approved by the Central Government.

(a)

Administration; 

(b)

Development;

(c)

Prawn Farming;

(d)

Market and Product Development

(e)

Export Promotion and Publicity;

(f)

Statistics;

(g)

works;

(h)

Financial and other assistance I subsidy scheme;

(i)

others

Note:

Wherever applicable, full details shall be given, under various Sub-heads for each broad head, indicating estimated expenditure including that of pay of officers, pay of establishment, allowance, honoraria, contingencies and the like.

4.

Supplementary estimates of expenditure, if any shall be submitted for the sanction of the Central Government in such form and on such dates as may be directed by it in this behalf.

29.

Accounts of the Authority

1.

The Authority shall maintain accounts of all receipts and expenditure relating to every financial year.

2.

The expenditure incurred in a particular financial year shall be shown under separate heads and Sub-heads.

3.

The opening balance, if any, shall also be stated as such separately.

4.

The closing balance of the year shall be shown at the foot of the accounts on the expenditure side.

30.

Money required for the current expenditure of the Authority with the exception of petty cash and surplus moneys shall be kept in the Personal Ledger Account in the District Treasury or Sub-Treasury or in current account with the State Bank of India or any of its subsidiaries or with any nationalised bank.

2.

Any funds not required for current expenditure may be placed in deposit account with the Central Government in the Public Account.

Provided that the funds in the Authority’s pension fund or provident fund not required for current expenditure may be invested in Trustees Securities or Ten Year Treasury Saving Deposit Certificates or National Defence Certificates to the extent permissible or in fixed deposit with the state Bank of India or any of its subsidiaries or, if approved by the Central Government, with any other scheduled bank.

3.

Payment by or on behalf of the Authority shall be made in cash or by cheque drawn against the current account of the Authority.

Financial transactions in general

Except as otherwise provided in these Rules, the provisions of the Central Treasury Rules, the Delegation of Financial powers Rules, 1958, and the General Financial Rules, 1962 of the Central Government, for the time being in force, shall subject to such modifications or adaptations as may be made by the Authority therein with the previous approval of the Central Government apply to all financial transactions of the Authority.