49. (1) Every Paurashava shall, in the prescribed manner, prepare and sanction, before the commencement of each financial year, a statement of its estimated receipts and expenditure for that year, hereinafter referred to as the budget, and forward a copy thereof to be Prescribed Authority.
(2) If the budget is not prepared or sanctioned by a Paurashava before the commencement of any financial year, the Prescribed Authority may have the necessary statement prepared and certify it, and such certified statement shall be deemed to be the sanctioned budget of the Paurashava.
(3) Within thirty days of the receipt of the copy of a budget under sub-section (1), the Prescribed Authority may, by order, modify it, and the budget so modified shall be deemed to be the sanctioned budget of the Paurashava.
(4) At any time before the expiry of the financial year to which a budget relates, a revised budget for the year may, if necessary, be prepared and sanctioned, and such revised budget shall, so far as may be, subject to provisions of this section.
(5) Where any Paurashava assumes office under this Ordinance for the first time, its budget for the financial year during which it assumes office shall relate to the remaining period of that year, and the other provisions of this section shall mutatis mutandis apply.