Section 13: Budget and accounts

13. Budget and accounts.__ (1) In respect of each financial year, the BOI shall submit for approval of the Federal Government, by such date and in such form as may be specified by the Federal Government, a statement showing the estimated receipts and expenditure and the sums which are likely to be required from the Federal Government during the next financial year. (2) The BOI may open accounts with the State Bank of Pakistan or with any scheduled bank in Pakistan. (3) The accounts of the BOI shall be maintained in such form and manner as the Federal Government may, in consultation with the Auditor-General of Pakistan, determine. (4) The accounts of the BOI shall be audited every year by the office of the Auditor-General of Pakistan. (5) The accounts of the BOI shall be expended for the purposes of__ (a) paying any expenditure lawfully incurred by it including the remuneration and allowances of the Chairman, the members, employees, advisers and consultants, accountants, lawyers, valuers, and other experts appointed and employed by its provident fund contributions, superannuation allowances or gratuities, legal fees and costs, and other fees and costs, if any; (b) paying for expenditure incurred on__ (i) marketing and publicity; and (ii) seminars and conferences; (c) purchasing or hiring equipment, machinery and any other materials, acquiring land, erecting buildings and conducting other work and undertakings in the performance of its functions or the exercise of its powers under this Ordinance; and (d) paying any other expenses, costs or expenditure properly incurred or accepted by the BOI in the performance of its functions or the exercise of its powers under this Ordinance.

Effective date: 2001-01-01

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