Duties and functions of the Finance Committee

The Finance Committee shall act as an advisory body on all matters concerning the finance of the Board. Its duties and functions shall be as under:- (i) to prepare and submit to the Executive Council with its recommendations the annual, revised or supplementary budget estimate of the annual accounts of income and expenditure of the Board; (ii) to make recommendations to the Executive Council on matters relating to finances of the Board including investments and borrowings etc.; (iii) to examine every proposal of new expenditures and to advise the Executive Council thereon; (iv) to review and report periodically to the Executive Council on the financial position of the Board; (v) generally to devise means for effecting economy, without impairing efficiency; (vi) to consider proposals for fixation of pay scales for new posts and revision of pay scales and all proposals concerning allowances, remunerations, wages and honoraria and advise the Executive Council thereon.