Finance and Accounts Committee

(1) There shall be a Finance and Accounts Committee consisting of the following, namely :- (a) The Vice-Chancellor-Chairman; (b) Secretary of the Government, Department of Ayurved or his nominee not below the rank of a Deputy Secretary; (c) Secretary ot the Government, Department of Finance or his nominee not below the rank of a Deputy Secretary; (d) One person, nominated by the Board of Management from amongst its members; (e) One person, nominated by the Academic Council from amongst its members; (f) The Finance and Accounts Officer-Member Secretary. (2) The committee shall meet at least four times year to examine the accounts, the progress of expenditure and all new proposals involving fresh expenditure in the light of the provision available. (3) The annual statement of accounts and the financial estimates (budget) of the University, prepared by the Finance and Accounts officer shall be laid before the recommendation, and for submission thereafter to the Board of Management for such action as it thinks fit. (4) The committee shall perform the following additional functions and duties, namely:- (a) to recommend to the Board of Management the limits for the total recurring and non recurring expenditure for the year, based on the income and resources of the University including the proceeds of loans for productive work; (b) to recommend to the Board of Management productive investment and management of University assets and resources; (c) to explore the possibilities of, and resort to augmenting the resources for the development of the University; (d) Deleted clause according to Amendment Bill No.15 of 2015. (e) to advise the Board of Management of matter related to the administration of the property and the funds of the University; (f) to ensure proper implementation of the State Government orders issued from time to time in respect of financial matters; (g) to advise on financial matters referred to it by the Board of Management, Academic Council or any other authority, body or committee or any officer of the University; (h) to report to the Vice-Chancellor any lapse or irregularity in financial matters which comes to its notice who may take suitable prompt actions after assessing the seriousness of the matter or refer it to the Board of Management. (5) The other powers and duties of the committee and the procedure at its meetings shall be such as may be prescribed by the Statutes; (6) Deleted clause according to Amendment Bill No.15 of 2015.