Finance Committee

(1) There shall be a Finance Committee which shall consist of the following, namely:- (i) Director; (ii) one member who shall be nominated by the Executive Council from amongst its members; (iii) one officer each from the Finance Department and Higher Education Department of the Government of Madhya Pradesh (not below the rank of Deputy Secretary) who shall be nominated by the State Government; (15)(iii-a) one member who shall be nominated by the General Council. (2) The members of the Finance Committee shall hold office for a period of three years. (3) The powers, duties and functions of the Finance Committee shall be as follows, namely:- (i) to examine and review the annual budget of the Institute and make recommendations to the Executive Council in financial matters; (ii) to consider all proposals for new expenditure and make recommendations to the Executive Council; (iii) to consider periodic statements of accounts and to review the financial position of the Institute from time to time and to consider re-appropriation statements and audit reports and make recommendations to the Executive Council; (iv) to present its views and make recommendations to the Executive Council on any financial matter affecting the Institute either on its own motion or on instructions from the Executive Council or the Director.