The Budget shall be approved by the State Government:

54. The Budget shall be approved by the State Government: (1) Notwithstanding anything contained in this Act or in Statutes, Ordinances or Regulations made thereunder, the University shall send the budget for the ensuing financial year to the State Government at least two months before the end of the current financial year. The University shall show therein the estimates of receipts and disbursements for the ensuing year. The State Government shall return the budget with such modifications, if any, as it may deem fit, and the University shall act in conformity with such modified and approved budget. (2) The University shall send a supplementary budget to the State Government at any time during the current financial year and the State Government shall return the budget to the University with such modifications and approval, as it may deem fit. (3) No expenditure shall be incurred by the University unless such an expenditure has become a part of the budget, as finally approved under sub-sections (1) and (2).