48. (1) Accounts of the receipts and expenditure of a Union Parishad shall be kept in the prescribed manner and form.
(2) An annual statement of the accounts shall be prepared after the close of every financial year and shall be forwarded to the [Deputy Commissioner] by the thirty first December of the following financial year.
(3) A copy of the annual statement of accounts shall be placed at a conspicuous place in the office of the Union Parishad concerned for public inspection, and all objections or suggestions concerning such accounts received from the public shall be considered by the Union Parishad and brought to the notice of the audit authority referred to in section 49.
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