21. Small Industries Development Assistance Fund.—(1) With effect from such date as the Central
Government may, by notification, appoint, the Small Industries Bank shall establish and maintain, a
special fund to be called the Small Industries Development Assistance Fund.
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(2) The Small Industries Bank may, at any time, establish any fund as part of the Small Industries
Development Assistance Fund for such purpose or purposes as may be approved by the Central
Government on the recommendation of the 1
[Board], or establish any other fund as may be required by or
under any law for the time being in force.
22. Credits to Small Industries Development Assistance Fund.—To the Small Industries
Development Assistance Fund shall be credited—
(a) all amounts received for the purpose of that Fund by way of loans, gifts, grants, donations,
benefactions or otherwise from Government or any other source;
(b) repayments or recoveries in respect of loans, advances or other facilities granted from the
Fund;
(c) income or profits from investments made from the Fund; and
(d) income accruing or arising to the Fund, by way of interest or otherwise, on account of the
application of the Fund in accordance with the provisions of section 23.
23. Utilisation of Small Industries Development Assistance Fund.—The Small Industries Bank
may disburse or spend from the Small Industries Development Assistance Fund, any amount for such
purposes as the Central Government may, on the recommendation of the 2
[Board], specify.
24. Debits to Small Industries Development Assistance Fund.—(1) To the Small Industries
Development Assistance Fund shall be debited—
(a) such amounts as may from time to time be disbursed or spend under section 23;
(b) such amounts as may be required for discharging the liabilities in respect of loans received for
the purpose of that Fund;
(c) any loss arising on account of investment made out of that Fund; and
(d) such expenditure arising out of, or in connection with, the administration and application of
that Fund as may be determined by the Board.
(2) No amount shall be debited to the Small Industries Development Assistance Fund except as
provided for in sub-section (1).
25. Accounts and audit of Small Industries Development Assistance Fund.—(1) The
balance-sheet and accounts of Small Industries Development Assistance Fund shall be prepared in such
form and manner as may be prescribed.
(2) The Board shall cause the books and accounts of the Small Industries Development Assistance
Fund to be closed and balanced as on the 31st day of March, each year or such other date as the 3
[Board]
may specify.
4
[(3) The Small Industries Development Assistance Fund shall be audited by the auditors, appointed
under sub-section (1) of section 30, who shall make a separate report thereon.]
(4) The provisions of sub-sections (2), (3) and (4) of section 30 shall, so far as may be, apply in
relation to the audit of the Small Industries Development Assistance Fund.
(5) The Small Industries Bank shall furnish to the Central Government 5
*** within four months from
the date on which the accounts of the Small Industries Development Assistance Fund are closed and
balanced, a copy of balance-sheet and accounts together with a copy of its auditors’ report and a report on
the operation of that Fund during the relevant year and the Central Government shall, as soon as may be
after they are received by it, cause the same to be laid before each House of Parliament.
1. Subs. by Act 7 of 2000, s. 13, for “Development Bank” (w.e.f. 27-3-2000).
2. Subs. by s. 14, ibid., for “Development Bank” (w.e.f. 27-3-2000).
3. Subs. by s. 15, ibid., for “Development Bank” (w.e.f. 27-3-2000).
4. Subs. by s. 15, ibid., for sub-section (3) (w.e.f. 27-3-2000).
5. The words “and the Development Bank” omitted by s. 15, ibid. (w.e.f. 27-3-2000).
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26. Liquidation of Small Industries Development Assistance Fund.—The Small Industries
Development Assistance Fund shall not be closed or wound up save by order of the Central Government
and in such manner as that Government may, 1
*** direct.