50. Grants by Central Government.—The Central Government may, after due appropriation made
by Parliament by law in this behalf, make to the Commission grants of such sums of money as the
Government may think fit for being utilised for the purposes of this Act.
51. Constitution of Fund.—(1) There shall be constituted a fund to be called the “Competition
Fund” and there shall be credited thereto—
(a) all Government grants received by the Commission;
4* * * * *
(c) the fees received under this Act;
(d) the interest accrued on the amounts referred to in 5
[clauses (a) and (c)].
6
[(e) all sums received by the Commission from such other sources as may be decided upon by
the Government.]
(2) The Fund shall be applied for meeting—
(a) the salaries and allowances payable to the Chairperson and other Members and the
administrative expenses including the salaries, allowances and pension payable to the Director
General, Additional, Joint, Deputy or Assistant Directors General, the Registrar and officers and other
employees of the Commission;
(b) the other expenses of the Commission in connection with the discharge of its functions and for
the purposes of this Act.
(3) The Fund shall be administered by a committee of such Members of the Commission as may be
determined by the Chairperson.
(4) The committee appointed under sub-section (3) shall spend monies out of the Fund for carrying
out the objects for which the Fund has been constituted.
52. Accounts and audit.—(1) The Commission shall maintain proper accounts and other relevant
records and prepare an annual statement of accounts in such form as may be prescribed by the Central
Government in consultation with the Comptroller and Auditor-General of India.
(2) The accounts of the Commission shall be audited by the Comptroller and Auditor-General of India
at such intervals as may be specified by him and any expenditure incurred in connection with such audit
shall be payable by the Commission to the Comptroller and Auditor-General of India.
Explanation.—For the removal of doubts, it is hereby declared that the orders of the Commission,
being matters appealable to the 7
[Appellate Tribunal or the Supreme Court], shall not be subject to audit
under this section.
(3) The Comptroller and Auditor-General of India and any other person appointed by him in
connection with the audit of the accounts of the Commission shall have the same rights, privileges and
authority in connection with such audit as the Comptroller and Auditor-General of India generally has, in
connection with the audit of the Government accounts and, in particular, shall have the right to demand
the production of books, accounts, connected vouchers and other documents and papers and to inspect
any of the offices of the Commission.
1. Ins. by Act 39 of 2007, s. 40, (w.e.f. 12-10-2007).
2. The words “, as may be prescribed,” omitted by s. 40, ibid. (w.e.f. 12-10-2007).
3. Ins. by Act 9 of 2023, s. 36 (w.e.f. 18-5-2023).
4. Cl. (b) omitted by Act 39 of 2007, s. 41 (w.e.f. 12-10-2007).
5. Subs. by s. 41, ibid., for “clauses (a) to (c)” (w.e.f. 12-10-2007).
6. Ins. by Act 9 of 2023, s. 37 (w.e.f. 18-5-2023).
7. Subs. by Act 39 of 2007, s. 42, for “Supreme Court” (w.e.f. 12-10-2007).
35
(4) The accounts of the Commission as certified by the Comptroller and Auditor-General of India or
any other person appointed by him in this behalf together with the audit report thereon shall be forwarded
annually to the Central Government and that Government shall cause the same to be laid before each
House of Parliament.
53. Furnishing of returns, etc., to Central Government.—(1) The Commission shall furnish to the
Central Government at such time and in such form and manner as may be prescribed or as the Central
Government may direct, such returns and statements and such particulars in regard to any proposed or
existing measures for the promotion of competition advocacy, creating awareness and imparting training
about competition issues, as the Central Government may, from time to time, require.
(2) The Commission shall prepare once in every year, in such form and at such time as may be
prescribed, an annual report giving a true and full account of its activities during the previous year and
copies of the report shall be forwarded to the Central Government.
(3) A copy of the report received under sub-section (2) shall be laid, as soon as may be after it is
received, before each House of Parliament.