FINANCE, ACCOUNTS AND AUDIT
8. Grants and loans by the Central Government.—The Central Government may, after due
appropriation made by Parliament by law, in this behalf, make to the Board grants and loans of such sums
of money as that Government may consider necessary.
9. Fund for Technology Development and Application.—(1) There shall be constituted a Fund to
be called the Fund for Technology Development and Application and there shall be credited to the
Fund—
(a) any grants and loans made to the Board by the Central Government under section 8;
(b) all sums received by the Board from any other source;
(c) recoveries made of the amounts granted from the Fund; and
(d) any income from investment of the amount of the Fund.
(2) The Fund shall be applied for meeting—
(a) expenses on the objects and for the purposes authorised by this Act;
(b) salaries, allowances and other expenses of officers and other employees of the Board; and
(c) expenses of the Board in the discharge of its functions under this Act.
10. Transfer of money receipts and liabilities.—On and from the commencement of this Act,—
(a) the moneys standing at the credit of the Venture Capital Fund formed under section 5 of the
Research and Development Cess Act, 1986 (32 of 1986) which is part of the Development Assistance
Fund established by the Development Bank under section 14 of the Industrial Development Bank of
India Act, 1964 (18 of 1964) shall stand transferred to and vest in the Board;
(b) all sums of money due to the Development Bank immediately before such commencement
shall be deemed to be due to the Board;
(c) all debts, obligations and liabilities incurred, all contracts or agreements entered into and all
matters and things engaged to be done by, with or for the Development Bank immediately before
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such commencement for or in connection with the purpose of the Venture Capital Fundshall be
deemed to have been incurred, entered into or engaged to be done by, with or for the Board; and
(d) all suits and other legal proceedings instituted or which could have been instituted by or
against the Development Bank immediately before such commencement may be continued or
instituted by or against the Board.
11. Budget.—The Board shall prepare, in such form and at such time in each financial year, as may
be prescribed, its budget for the next financial year, showing the estimated receipts and expenditure of
the Board and forward the same to the Central Government.
12. Annual report.—The Board shall prepare, in such form and at such time in each financial year,
as may be prescribed, its annual report, giving a full account of its activities during the previous financial
year, and submit a copy thereof to the Central Government.
13. Accounts and audit.—(1) The Board 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 Comptroller and Auditor-General of India or any other person appointed by him in
connection with the auditing of the accounts of the Board under this Act shall have the same rights and
privileges and the authority in connection with such audit as the Comptroller and Auditor-General of
India has in connection with the auditing 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 Board under this Act.
(3) The accounts of the Board shall be audited by the Comptroller and Auditor-General of India
annually and any expenditure incurred in connection with such audit shall be payable by the Board to the
Comptroller and Auditor-General of India.
(4) The Board shall furnish to the Central Government before such date as may be prescribed its
audited copy of accounts together with auditor’s report.
14. Annual report and auditor’s report to be laid before Parliament.—The Central Government
shall cause the annual report and auditor’s report to be laid, as soon as may be after they are received,
before each House of Parliament.