Annual Financial Estimates-

38. Annual Financial Estimates- (1) The Director of every school, Director of every Regional Centre and Coordinator of every Study Centre shall, if required to do so, prepare in the prescribed form an estimate of its probable income and expenditure for the next ensuing financial year and the same shall be considered and sanctioned by the Executive Council either without alteration or with such alterations as it thinks fit. (2) On receipt of the estimate under sub-section (1), the annual financial estimates of the University for any Financial Year shall be prepared under the direction of the Executive Council by the Finance Committee at least five months before the commencement of the next financial year. (3) The Finance Committee shall prepare the financial estimate of receipts and expenditure of the University in such manner as may be prescribed by the Statutes. झारखडगजट(असाधारण) मंगलवार, 23 नव.बर, 2021 (4) Every estimate prepared under sub-section (2) shall in accordance with the directions given by the Vice Chancellor, make provisions for the due fulfilment of all the liabilities of the University, including the allotment of grants to the Schools, Regional Centres and Study Centres and for the efficient administration of this Act and the Statutes, the Ordinances, the Regulations and the Rules made thereunder. (5) The financial estimates shall be submitted to the Executive Council for its approval (6) The Executive Council shall consider the estimates so prepared and approve them with or without modification. (7) The University shall submit such estimates as approved by the Executive Council. (8) The Executive Council may, in urgent cases where expenditure in excess of the amounts provided for in the budget is found to be necessary, for reasons to be recorded in writing, incur such expenditure. (9) The financial year of the University shall be the same as that of the Government.