34. Corpus of University.—The University may receive funds from the Central Government or State
Governments or other sources or use its funds to maintain and operate a corpus of the University.
35. Fund.— (1) The University shall maintain a Fund to which shall be credited—
(a) all moneys provided by the Central Government;
(b) all moneys received from State Governments;
(c) all fees and other charges received by the University;
(d) all moneys received by the University by way of grants, gifts, donations, benefactions, bequests
or transfers;
(e) all interest from corpus, or any other such earnings;
(f) any loans taken by the University;
(g) the moneys received by the University from the collaborating industries in terms of the
provisions of the Memorandum of Understanding entered between the University and such industry
for establishment of sponsored chairs, fellowships or infrastructure facilities of the University; and
(h) all moneys received by the University in any other manner or from any other source.
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(2) All moneys credited to the Fund of the University shall be deposited in such banks or invested in
such manner as the University may, with the approval of the Finance Committee, decide.
(3) The Fund of the University shall be applied towards the expenses of the University including
expenditure incurred in the exercise of its powers and discharge of its functions by or under this Act.
36. Accounts and audit.— (1) The University shall maintain proper accounts and other relevant
records and prepare an annual statement of accounts including the balance-sheet, in such form and
accounting standard as may be specified, by notification, by the Central Government in consultation with
the Comptroller and Auditor-General of India.
(2) The accounts of the University shall be audited by the Comptroller and Auditor-General of India
and any expenditure incurred by it in connection with such audit shall be payable by it 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 the accounts of the University shall have the same rights, privileges 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 offices of the
University.
(4) The accounts of the University 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.
37. Pension and provident funds.— (1) The University may constitute for the benefit of its
employees such provident or pension fund or provide such insurance scheme as it may deem fit in such
manner and subject to such conditions as may be laid down in the Statutes.
(2) Where any provident fund has been constituted under sub-section (1), 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.