Development Fund

(1) The Government shall create ‘Development Fund’ [DF] with a seed capital of Rs. 200.00 crores in case of each Metropolitan Region Development Authority and Rs. 100.00 crores in case of each Urban Development Authority for the purpose of administering the Act. (2) The Authority shall have the power to maintain and manage the Development Fund and allocate finances based on the plans and programmes of the functional departments or line agencies for undertaking development of amenities and infrastructure facilities and to monitor and exercise financial control over the budgetary allocations concerning development works made through it to the various public agencies, line agencies and other agencies; Revolving Fund - (3) The Government shall create a ‘Revolving Fund’ [RF] for the Authority with a fund of Rs. 100.00 crores in case of each Metropolitan Region Development Authority and Rs. 50.00 crores in case of each Urban Development Authority for the purpose of performing its functions under the Act and for undertaking development of amenities and infrastructure facilities in the development area.