(i) To consider and recommend for approval to the
Governing Body the annual budget estimates of the Institute; The budget estimates
approved by the Government of India on the recommendations of the Standing Finance
Committee shall be subject to availability of funds in the Institute and the financial
commitment of the Government of India to the Institute.
(ii) To consider and recommend for approval to the
Governing Body the annual audited accounts of the Institute.
(iii) To consider and recommend for approval to the
Governing Body, new financial proposals which may arise during the course of the year
which may not be already provided for under the budget and to approve appropriation
between previously approved major heads.
(iv) To consider reports of receipts and expenditure
submitted by the Director for information; to examine from time to time the adequacy
of resources of funds and the general financial position of the Institute; and to make
appropriate recommendations to the Governing Body.
(v) To consider and recommend to the Governing Body for
approval of all proposals for creation of new posts and also to consider and approve
the action of the Director and approve the action of the Director in the creation of
posts within his powers.
(vi) To consider and approve all matters relating to
the invitation and acceptance of tenders which are beyond the powers of the Director,
and
(vii) The Standing Finance Committee will also function
as the Executive Committee to assist the Director. A report of the proceedings of each
Executive Committee meeting will be forwarded to the Governing Body. This Executive
Committee will meet more often than the Governing Body.