Annual Budget

(1) The Chairman shall every year by not later than 10th March, place before the Special Area Development Authority an estimate of the income and expenditure of such authority for the year beginning on the first day of the next April, in such detail and such form as that authority may from time to time direct. (2) Such estimate shall make provision for the due fulfillment of all the liabilities of the Special Area Development Authority and for the efficient implementation of this Act and such estimate shall be complete and a copy thereof shall be sent to each of the members of such authority at least ten full days before the meeting at which the estimate is to be placed. (3) The Special Area Development Authority shall consider the estimate so presented and approve it either in an unaltered form or subject to such changes as it deems fit. (4) The budget so approved shall be sent to the State Government which may approve it with or without modifications. (5) If the State Government approves the estimates with modifications, the Special Area Development Authority shall proceed to modify them and the estimates so modified and approved shall be in force during that year.