Writing off losses.

(1) Subject to such conditions as may be specified by the Government, where the board is of opinion that any amount due to or any loss, whether of money or of property incurred by the Board is irrecoverable., the Board may sanction the writing off the said amount or loss: (2) Notwithstanding anything contained in sub-section(1), where the Chief Executive Officer is of opinion that any amount due to, or any loss, whether of money or of property, incurred by, the Board is irrecoverable, the Chief Executive Officer may sanction the writing off finally of such amount or loss: Provided that such amount or loss, does not exceed, in any individual case, Rs. 10,000 or in the aggregate in any one year, Rs. 1,00,000 in every such case, the Chief Executive Officer shall make a report to the Board giving reasons for such sanction.