Municipal Fund.

(1) There shall be formed for each Municipality a fund to be called the Municipal fund, and there shall be placed to the credit thereof, (a) the proceeds of all taxes, fines (other than the fines imposed by a court), penalties and tolls levied under this Regulation; (b) all sums received by, or on behalf of, the Municipality under this Regulation; (c) all sums transferred or carried to the credit of the Municipality under any of the provisions of the Regulations or any other law for the time being in force; (d) all rents and profits, accruing from property vested in the Municipality or managed by it; and (e) all sums assigned to the Fund by the Administrator or by any other authority and all sums contributed thereto by any committee, authority or private person. (2) The Municipal Fund shall vest in Municipality, and the balance at its credit shall be kept in the State Bank of India, or with the previous sanction of the Administrator in any scheduled bank as defined in the Reserve Bank of India Act, 1934: Provided that any portion of such balance may, with the previous sanction of the Administrator be kept in the Post Office Saving Bank, or be invested in such Government Securities as may be approved by the Administrator; Provided further that such sum, not exceeding an amount specified in this behalf by the Administrator as is required for day to day expenses of a Municipality may be kept by the Municipality at the Municipal office in safe custody.