Lawgist18Funds of the Commission
1[(1) The Commission shall have stet separate funds to be called the the khadi fund, the village industries fund and the general and miscellaneous fund.
(1A) There shall be credited,--
(a) to the khadi fund, all sums received by the Commission for the purposes relating to khadi.
(b) to the village industries fund, all sums received by the Commission for the purposes relating to village industries and products of handicrafts;
(c) to the general and miscellaneous fund, all other sums received by the Commission:
Provided that if the amount available in any of the said funds is in excess 6f the requirements of that fund and the amount available in any other of the said funds is insufficient to meet the requirements of that fund, the Commission may, with the previous approval of the Central Government, transfer from the first mentioned fund the excess amount or such part thereof as may be necessary to the other fund.
Explanation.--For the purpose of computing the amount in any of the said funds, the amount received under section 17A shall not be taken into account.
(1B) The sums credited under sub-section (1),--
(a) to the khadi fund, shall be applied for the purposes relating to khadi;
(b) to the village industries fund, shall be stet for the purposes relating to village industries and products of handicrafts;
(c) to the general and miscellaneous fund, shall be stet for the purposes relating to khadi and village industries and for meeting the salary, allowances and other remuneration of the members, officers and other employees of the Commission and other administrative expenses of the Commission.]
(2) Except as otherwise directed by the Central Government, all moneys belonging to such funds shall be deposited in the Reserve Bank of India or with the agents of the Reserve Bank of India, or, where there is neither an office of the Reserve Bank of India nor an agent of the Reserve Bank of India, in a Government Treasury, or be invested in such securities as may be approved by the Central Government.
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1. Subs. by s. 11, ibid., for sub-sections (1), (1A) and (1B) (w.e.f. 1-4-1988).
- 1 Short title and extent
- 2 Definitions
- 3 Power to add to the Schedule
- 4 Establishment and constitution of the Commission
- 5 Powers and functions of the Chief Executive Officer
- 5A Powers and functions of the Financial Adviser
- 6 Disqualifications for membership of the Commission
- 6A Removal of Chairman, Member, etc., from the Commission
- 7 Resignation of office by member
- 8 Vacancies, etc., not to invalidate acts and proceedings of the Commission
- 9 Temporary association of persons with the Commission for particular purposes
- 10 Constitution of the Board
- 11 Commission to consult the Board
- 12 Meetings of the Commission
- 12A Zonal Committee
- 13 Term of office and conditions of service of the chairman and other members
- 14 Officers and servants of the Commission
- 15 Functions of the Commission
- 16 Power of Central Government to give directions
- 17 Payment to the Commission
- 17A Commission to receive gifts, grants, etc
- 18 Funds of the Commission
- 19 Power of the Commission to spend
- 19A Standing Finance Committees
- 19B Recovery of monies due to the Commission as arrears of land-revenue
- 20 Budget
- 21 Borrowing of money
- 22 Transfer of liabilities and obligations to the Commission
- 23 Accounts and audit
- 24 Returns and reports
- 24A Exemption from liability to pay income-tax
- 25 Dissolution of the Commission
- 26 Power to make rules
- 27 Power to make regulations
- 28 Rules and Regulations to be laid before Parliament
