Annual Budget

(1) The Board shall prepare in such manner as may be prescribed by regulations the budget for its ensuing financial year and forward it to the State Government for its approval not later than the thirty-first day of January preceding such financial year. (2) The State Government may pass such orders with reference thereto as it thinks fit and shall communicate the same to the Board by the 31st day of March preceding such financial year. (3) The Board shall give effect to such orders: Provided that, in any event, if no orders is communicated to the Board by the 31st day of March as above, the budget shall be deemed to have been sanctioned by the State Government without any modification.