Maintenance of Accounts

(1) The Committee shall maintain regular accounts of all receipts and expenditure of the Nidhi. (2) The Committee shall annually prepare a report of accounts and get it audited by the Chartered Accountant appointed by the State Government or by the Local Fund Audit. (3) The audit report shall be submitted to the State Government and the State Government may issue necessary directions to the Committee regarding the audit report. The Committee shall have no Power to borrow money except with the previous approval of the Commissioner.