Constitution of Finance and Development Committee, its powers and duties

(1) The Finance and Development Committee shall consist of the following members, namely:-(i) the President shall be the Chairman of the Committee;(ii) the Director;(iii) the Deans;(iv) one member of the Board to be nominated by the Chairman in consultation with the President;(v) one expert to be nominated by the Chairman in consultation with the President.(2) The Registrar shall be the non-member Secretary of the Committee.(3) The term of office of the members other than the ex-officio shall be for a period of three years.(4) The Finance and Development Committee shall exercise the following powers and perform the following duties, namely:-(i) to examine the annual accounts and annual budget estimates of the University and advise the Board thereon;(ii) to review the financial position of the University from time to time;(iii) to make recommendation to the Board on financial policy matters of the University;(iv) to make recommendations to the Board on proposals involving raising of funds, receipts and expenditure;(v) to lay-down guidelines for investment of surplus funds;(vi) to make recommendations to the Board on all 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 has been incurred;(vii) to examine all proposals relating to revision of pay-scales, up-gradation of the scale and those items which are not included in the budget, before they are placed before the Board;(viii) to exercise such other powers and perform such other duties as may be conferred or imposed upon it by the regulations;(ix) to consider and approve plans of development of the University.