Chapter VIII BUDGET AND MARKET COMMITTEE FUND

1. (1) Every Market Committee shall prepare and pass the budget of its income and expenditure for the ensuing year in the prescribed form and shall submit it to the

one month from the date of receipt thereof. If the budget is not returned by the Managing Director within one month, it shall be presumed to have been sanctioned.

1. (2) The Managing Director may also seek the consent of the Director, on the budget so passed under sub- section (1). If the budget with the comments of the Director is not returned within fifteen days from the date of its receipt, it shall be

presumed that the Director has consented to.

1. (3) The Market Committee may sanction and cause to undertake execution of construction works out of its, fund other than the permanent fund referred to in sub- section
2. (7) on the basis of the plans and designs approved by the Market Committee, in such manner as may be prescribed by the Board.No expenditure except payment of pension will be made out of pension fund.
3. (4) No expenditure shall be incurred by a Market Committee on any item if there is no provision in the sanctioned budget thereof unless it can be met by re-appropriation from saving under any other head. The sanction for re-appropriation may be obtained from the Chairman of the Market Committee provided that in case of re-appropriation from minor heads under one major head, sanction for re-appropriation will not be required.
4. (5) A Market Committee at any time during the year for which any budget has been sanctioned, cause a revised or supplementary budget to be passed and sanction in the same manner as if it were an original budget.
5. (6) The Market Committee shall make provision in its budget for crediting the amount into the permanent Fund upto thirty percent of its gross receipt comprising of licence fee and market fee and to the pension Fund as prescribed form time to time by the Chairman of the Committee. No expenditure form the permanent Fund shall be incurred except with the prior approval or as per direction given by the Chairman of the Committee No expenditure from this Fund or from amount as provided under sub-section
6. (2) of section 77 shall be proposed in the budget referred to in sub section (1).
7. (7) The Managing Director/Board while according sanction for construction work may at its discretion, direct that the execution of the works shall be entrusted to the

Market Committee Fund

1. (1) Save as provided in sub-section
2. (2) all moneys received by a Market Committee shall be paid into a fund to be called 'The Market Committee Fund" and all expenditure incurred by the Market Committee under or for the purposes of this Act shall be defrayed out of the said fund. Any surplus remaining with the Market Committee after such expenditure has been met, shall be invested in such manner as may be prescribed.
3. (2) Any money received by the Market Committee by way of arbitration fee or as security for costs in arbitration proceedings relating to disputes or any money received by the committee by way of security deposit, contribution to provident fund or for payment in respect of any notified agricultural produce including livestock, or charges payable to market functionaries as required and such other money received by the Market Committee may be provided in the Rules or Bye-laws made under this Act, shall not form part of Market Committee Fund, and shall be kept in such manner as may be prescribed.
4. (3) Save as otherwise provided in this Act, the amount to the credit of the Market Committee Fund and also other money received by the Market Committee shall be kept in a Scheduled nationalized commercial banks or in post office saving bank or in any other mode with the approval of the Managing Director.

Subject to the provisions of section 77, the Market Committee in order to discharge functions and perform duties entrusted to it under this Act, may use the Market Committee Fund. Without prejudice to generality of this provision the Market Committee Fund may be used for the following purposes, namely -

1. (i) The acquisition of a site or sites for the market yard.
2. (ii) The establishment, maintenance and improvement of the market yard.
3. (iii) The construction and repairs of building necessary for the purpose of the market yard and for convenience or safety of the persons using the market yard.
4. (iv) The maintenance of standard weights and measures.
5. (v) The meeting of establishment charges including payment and contribution towards provident fund, pension and gratuity of the Officers and servants employed by a Market Committee.
6. (vi) Loans and advance to the employee of the Market Committee.
7. (vii) The payment of interest on the loans that may be raised for the purpose of development of the market yards and other works as included in the work plan; and provisions of sinking fund in respect of such loans.
8. (viii) The collection and dissemination of information relating to crop statistics and efficient marketing of agricultural produce.
9. (ix) Expenses incurred in auditing the account of the Market Committee.
10. (x) Payment of honorarium, travelling allowance, sitting fee to Chairperson, Vice-Chairperson and other Members excepting ex-officio Members of the Market Committee.
11. (xi) Contribution to Marketing Development Fund maintained by Board and Revolving Marketing Development Fund maintained by Director.
12. (xii) Contribution to any scheme for development of agricultural marketing including transport and other logistics.
13. (xiii) To provide facilities like grading, standardization and quality certification services and activities incidental thereto.
14. (xiii) Payment of expenses on elections under this Act in exigencies .
15. (xv) Incurring of all expenses on research, extension and training in development of marketing of agricultural produce including livestock.
16. (xvi) To incur expenses on promotion of pledge financing and marketing credit.
17. (xvii) To create and promote on its own or through public private partnership infrastructure of post harvest handling of agricultural produce including livestock, cold storages, pre-cooling facilities pack houses and all such infrastructure to develop modern marketing system. (xviii)Any other purposes connected with the marketing of agricultural produce including livestock under this Act whereon the expenditure of the Market Committee Fund is in the public interest subject to the prior sanction of the Managing Director.