Annual Budget

(1) The Chairman shall, every year, by not later than 10th March, place before the Special Area Development Authority an estimate of the income and expenditure of that authority for the year commencing on the first day of the next April, in such detail and such form as that authority may direct from time to time. (2) Such estimate shall provide for the due fulfillment of all the liabilities of the Special Area Development Authority and for the efficient execution of this Act, and such estimate shall be complete and a copy of the same shall be sent to every member of that authority at least ten full days before the meeting at which the estimate is to be placed. (3) The Special Area Development Authority shall consider the estimate so presented and shall approve it either in an unaltered form or subject to such modifications as it may deem proper. (4) The estimate as approved shall be sent to the State Government which may approve them with or without modifications. (5) If the State Government approves the estimates with modifications, the Special Area Development Authority shall take proceedings to amend them, and the estimates so modified and amended shall be in force during that year.