14. Grants by Central Government.—The Central Government may, after due appropriation made by
Parliament by law in this behalf, make to the Authority grants of such sums of money as the Central
Government may think fit for being utilised for the purposes of this Act.
15. Fund of Authority.—(1) There shall be constituted a Fund to be called the International
Financial Services Centres Authority Fund and there shall be credited thereto—
(a) all grants, fees and charges received by the Authority under this Act; and
(b) all sums received by the Authority from the sources as may be decided upon by the Central
Government.
9
(2) The Fund shall be applied for meeting—
(a) the salaries, allowances and other remuneration of Members, officers and other employees of
the Authority; and
(b) other expenses incurred by the Authority in connection with the discharge of its functions and
for the purposes of this Act.
16. Accounts and audit.—(1) The Authority 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 andAuditor-General of India.
(2) The accounts of the Authority 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 Authority to the Comptroller and Auditor-General of India.
(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 Authority shall have the same rights and 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
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 the same to be laid before each
House ofParliament.
17. Performance Review Committee.—(1) The Authority shall constitute a Performance Review
Committee, consisting of at least two Members of the Authority to review the functioning of the
Authority, whether—
(a) it has adhered to the provisions of the applicable laws while exercising powers or performing
functions under this Act;
(b) the regulations made by the Authority to give effect to the provisions of this Act promote
transparency and best practices of governance; and
(c) the Authority is managing risks to its functioning in a reasonable manner.
(2) The Performance Review Committee shall make the review under sub-section (1) at least once in
every financial year, and submit a report of its findings to the Authority which shall forward a copy thereof
along with action taken, if any, pursuant to such report to the Central Government within a period of three
months from the date of receipt of the report.
(3) The Performance Review Committee shall maintain a system by which any person may submit to the
committee, any incidence of—
10
(a) non-adherence of the provisions of any applicable law by the Authority;
(b) misappropriation of resources of the Authority by any person;
(c) abuse of powers of the Authority by any Member or employee of the Authority; or
(d) non-compliance of any decision oftheAuthority by any Member or employee of the Authority.
(4) The Authority shall make regulations governing the information to be provided to the Performance
Review Committee, and the provision of adequate resources to enable the committee to discharge its
functions under this section.
18. Maintenance of website.—(1) The Authority shall maintain such website or any other universally
accessible repository of electronic information as may be specified by regulations.
(2) All the regulations and orders issued by the Authority shall be published in its website or
repository maintained under sub-section (1).
(3) The Authority shall review the quality of the website or the repository, based on international best
practices, once every year and publish the report containing its findings with the annual report.
19. Returns and reports.—(1) The Authority 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 with regard to any proposed or existing programme for the development
and regulation of the units in the International Financial Services Centres, as the Central Government may,
from time to time, require.
(2) Without prejudice to the provisions of sub-section (1), the Authority shall, within ninety days after
the end of each financial year, submit to the Central Government, a report in such form, as may be
prescribed, giving a true and full account of its activities, policies and programmes during the previous
financial year.
(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.