Powers and duties of Finance Committee

Subject to the other provisions of this Act, the Finance Committee shall exercise the following powers and perform the following duties, namely:-

1. (i) to examine the annual accounts and annual estimates of the University and to advise the Board thereon;
2. (ii) to review from time to time the financial position of the University;
3. (iii) to make recommendations to the Board on all financial policy matters of the University;
4. (iv) to make recommendations to the Board on all proposals involving raising of funds, receipts and expenditure;
5. (v) to provide guidelines for investment of surplus funds;
6. (vi) to make recommendations to the Board on proposals involving expenditure for which no provision has been made in the budget or for which expenditure in excess of the amount provided in the budget needs to be incurred;
7. (vii) to examine proposals relating to the revision of pay-scales, up gradation of the scales and those items which are not included in the budget, and to place the same before the Board;
8. (viii) to open accounts in any Scheduled Bank, operate such accounts and to issue instructions to the bank for the operation of such accounts;
9. (ix) to operate the University fund;
10. (x) to grant tenders, contracts and other expenditure, projects, and recommend to the Executive Council for final approval; and
11. (xi) to exercise such other powers and perform such other duties as may be conferred or imposed upon it by the Regulations.