(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.