23. Fund of the Authority.—(1) The Authority shall have and maintain its own fund to which shall
be credited—
(a) all moneys received by the Authority from the Central Government by way of grants, loans,
advances or otherwise;
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[(aa) all moneys borrowed by the Authority from sources other than the Central Government by
way of loans or debentures;]
(b) all fees and charges received by the Authority under this Act;
(c) all moneys received by the Authority from the disposal of lands, buildings and other
properties, movable and immovable; and
(d) all moneys received by the Authority by way of rents and profits or in any other manner or
from any other source.
(2) The fund shall be applied towards meeting the expenses incurred by the Authority in the
administration of this Act and for no other purposes.
(3) The Authority may keep in current account of the State Bank of India or any other bank approved
by the Central Government in this behalf such sum of money out of its fund as may be prescribed by rules
and any money in excess of the said sum shall be invested in such manner as may be approved by the
Central Government.
(4) The Central Government may, after due appropriation made by Parliament by law in this behalf,
make such grants, advances and loans to the Authority as that Government may deem necessary for the
performance of the functions of the Authority under this Act; and all grants, loans and advances made
shall be on such terms and conditions as the Central Government may determine.
2
[(5) The Authority may borrow money by way of loans or debentures from such sources (other than
the Central Government) and on such terms and conditions as may be approved by the Central
Government.
(6) The Authority shall maintain a sinking fund for the repayment of moneys borrowed under
sub-section (5), and shall pay every year into the sinking fund such sum as may be sufficient for
repayment within the period fixed of all moneys so borrowed.
(7) The sinking fund or any part thereof shall be applied in, or towards, the discharge of the loan for
which such fund was created, and until such loan is wholly discharged it shall not be applied for any other
purpose.]
24. Budget of the Authority.—The Authority shall prepare in such form and at such time every year
as may be prescribed by rules a budget in respect of the financial year next ensuing showing the estimated
receipts and expenditure of the Authority and shall forward to the Central Government such number of
copies thereof as may be prescribed by rules.
25. Accounts and audit.—(1) The Authority shall maintain proper accounts and other relevant
records and prepare an annual statement of accounts including the balance-sheet in such form as the
Central Government may by rules prescribed in consultation with the Comptroller and Auditor-General of
India.
1. Ins. by Act 56 of 1963, s. 11 (w.e.f. 30-12-1963).
2. Ins. by s. 12, ibid. (w.e.f. 30-12-1963).
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(2) The accounts of the Authority shall be subject to audit annually by the Comptroller and
Auditor-General of India and any expenditure incurred by him in connection with such audit shall be
payable by the Authority to the Comptroller and Auditor-General of India.
(3) The Comptroller and Auditor-General of India and any person appointed by him in connection
with the audit of accounts of the Authority shall have the same right, privilege and authority in connection
with such audit as the Comptroller and Auditor-General of India 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 the office of the Authority.
(4) The accounts of the Authority 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 a copy of the same to be laid before
both Houses of Parliament.
26. Annual report.—The Authority shall prepare for every year a report of its activities during that
year and submit the report to the Central Government in such form and on or before such date as may be
prescribed by rules, and that Government shall cause a copy of the report to be laid before both Houses of
Parliament.
27. Pension and provident funds.—(1) The Authority shall constitute for the benefit of its
whole-time paid members and of its officers and other employees in such manner and subject to such
conditions, as may be prescribed by rules, such pension and provident funds as it may deem fit.
(2) Where any such pension or provident fund has been constituted, the Central Government may
declare that the provisions of the Provident Funds Act, 1925 (19 of 1925), shall apply to such fund as if it
were a Government Provident Fund.