(1) The Director, Finance of the Authority shall prepare, every year, in such form and at such time as may be determined by regulations, an annual budget estimate in respect of the financial year next ensuing, showing the estimated receipts and disbursements of the Authority to the Ajmer Development Commissioner who shall after making such modifications as he deems fit, submit it to the Authority for approval.

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(2) The Ajmer Development Commissioner shall forward to the State Government copies of the budget approved by the Authority.