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 functions, namely:- (i) to examine the annual accounts and annual estimates of the University and to advise the Board thereon; (ii) to review from time to time the financial position of the University; (iii) to make recommendations to the Board on all financial policy matters of the University; (iv) to make recommendations to the Board on all proposals involving raising of funds, receipts and expenditure; (v) to provide guidelines for investment of surplus funds; (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; (vii) to examine proposals relating to the revision and upgradation of pay-scales and to place before the Board those items which are not included in the budget; (viii) to open accounts in any Scheduled Bank, operate such accounts and to issue instructions to the bank for the operation of such accounts; (ix) to operate Endowment Fund, General Fund and Development Fund; (x) to pass tenders, contracts and other expenditure for projects and recommend to the Executive Council for final approval; (xi) to consider the delegation of financial powers to the University officers; (xii) to exercise such other powers and perform such other functions as may be conferred or imposed on it by the regulations.