Employees Provident Fund Scheme
Administration of the Fund, Accounts and Audit
Section 58: Budget
(1) The commissioner shall place before the Central Board each year before the first fortnight of February, a budget showing separately the probable receipts from contribution and from the levy of administrative charges and the expenditure which it proposes to incur during the following financial year. The budget as approved by the Central Board shall be submitted for sanction to the Central Government within a month of its being placed before the Central Board.
(2) The Central Government may make such modifications in the budget as it considers desirable before sanctioning it.
(3) The Commissioner may, at any time during the year, make budgetary reappropriation of Fund sanctioned in the budget by the Central Government, provided that -
(i) the total amount sanctioned in the budget by the Central Government is not exceeded;
(ii) It is made only for meeting such expenses of administration as are to be met from the Administration Account in accordance with Paragraph 54; and
(iii) Every reappropriation so made shall be reported by him to the Central Board at the next meeting of such Board.
(4) The Commissioner shall place before the Central Board a supplementary budget for a financial year, giving detailed estimates and reasons, of inescapable expenditure which are likely to be incurred during the year for which no provision has been made in the sanctioned budget and which cannot be covered under the provisions of sub-paragraph(3) of Paragraph 58. The supplementary budget as approved by the Central Board shall be submitted for sanction to the Central Government within a month of its being placed before the Central Board.
(5) Any expenditure incurred by the Commissioner over and above the sanctioned budget of a financial year and not covered under the provisions of sub-paragraphs (3) and (4) of Paragraph 58 shall be reported to the Central Board at the earliest possible moment after the excess is established for its consideration and for obtaining sanction of the Central Government.