Power to write off irrecoverable fee, market fee, etc.

A market committee may write off any fee, market fee or other amount whatsoever due to it. Whether under a contract or otherwise, or any sum payable in connection therewith, if in its opinion, such fee, market fee or other amount is irrecoverable:- Provided that the market committee shall, before writing off any such fee, market fee or amount obtain the sanction of – (i) the Director, if the fee, market fee or amount exceeds one hundred rupees, but does not exceed such amount as may be prescribed; and (ii) the Government, if such amount exceeds the amount so prescribed.