Powers of Board and Chairman to incur expenditure.

Subject to budget provision and availability of funds, expenditure may be incurred on any single work or scheme for carrying out any of the purposes of this Act—

1. (1) by the Chairman, in case such expenditure does not exceed 10[three lakh rupees]; and
2. (2) by the Board, in other cases: 11[Provided that the Board shall not, without the previous approval of the Government, incur any expenditure exceeding ten lakhs of rupees if the funds are linked to any Government Guarantee and one crore of rupees in other cases.] Provided further that the Chairman shall report the expenditure incurred by him under this section to the Board at its next meeting.