Amendment of section 43

Amendment of section 43.—In section 43 of the principal Act,—

1. (a) in sub-section (1), for the words "every Gram Panchayat shall", the words "every Gram Panchayat shall, subject to such rules as may be prescribed" shall be substituted;
2. (b) after sub-section (1), the following sub-section shall be inserted, namely:— "(1-A) Every Gram Panchayat shall, within such time as may be prescribed, prepare and submit to the Panchayat Samithi a budget containing a detailed estimate of income and expenditure for the ensuing year and the Panchayat Samithi shall scrutinize the budget and may make such modifications therein as it deems fit and return the same to the Gram Panchayat for adoption.";
3. (c) in sub-section (2), for the words "The budget so prepared", the words "The budget as modified and returned by the Panchayat Samithi" shall be substituted.