 financial memorandumclause 3 of the bill provides for maintenance of accounts by panchayats at various levels it further provides for auditing of such accounts by comptroller and auditor-general of india more auditors have to be appointed for this purpose this will involve expenditure from the consolidated fund of india it is likely to involve an annual recurring expenditure of about rupees twenty crore from the consolidated fund of india a non-recurring expenditure of about rupees ten crore is also likely to be involved annexure extract from the constitution of india243c(1)     (2)      (3)      (4)      (5)   +   5(a)      (5) (b) a panchayat at the intermediate level or district level shall be elected composition of panchayats by, and from amongst, the elected members thereof           2433 the legislature of a state may, by law, make provisions with respect to the maintenance of accounts by the panchayats and the auditing of such accounts audit of accounts of panchayats     