Chapter V FINANCE, ACCOUNTS, AUDIT AND REPORT

(1) The Government may pay to the Board in each financial year such sums by way of grants of advance as may be considered necessary for the performance of the functions of the Board under this Act. (2) Establishment expenditure of the Board shall be provided by the government. (3) The Government may transfer to the Board, the buitding3, land or any other property whether movable or immovable on such conditions as the State Government deem fit the purpose of the Act.

(I) The Board shall have its own funds to be known as Khadi and Village Industries Fund and all receipts obtained by the Board from time to time by way of grants, donations, gifts, advances or loans for the purpose of Khadi or Village industries shall be credited to the said fund and all payments by the Board for or in respect of Khadi or Village Industries shall be meet from that fund. (2) The Board may accept grants, donations and gifts and received loan from the Central Government or the Government of any State or Union Territory or any local authority or anybody or association whether incorporated or not, or an individual for all or any of the purposes of this Act. (3) All moneys belonging to the Board shall be deposited in any nationalised Bank or in a Government Treasury or be invested in such securities as may be approved by the Government. (4) The accounts of the Board shall be operated upon by such officers jointly or individually, as may be authorised by the Board.

Subject to the provision of section 23, the Board shall have power to spend such sums as it thinks fit for the purpose authorised by or under this Act: Provided that nothing in this section shall be deemed to prevent the Board from spending with the previous approval of the Government such moneys as it thinks fit for any purposes outside the state of Arunachal Pradesh.

All properties, funds and other assets of the Board shall be held and applied by it subject to the provisions this Act.

(I) The Board shall by such date in each year as may be prescribed, prepare and submit to the Government for approval, the budget in the prescribed form for the next financial year to be called the Khadi and Village Industries budget showing the estimated receipt and expenditure in respect of Khadi and Village Industries during that financial year and a copy of said budget shall be forwarded to the Commission for information and remark, if any. (2) Subject to the provision of sub-section (3) and (4), no sum shall be expended by or on behalf of the Board unless such expenditure is covered by a specific provision in the budget approved by the Government. (3) The Board may, within the limits of the Khadi and Village Industries fund, sanction any re- appropriation from one head of expenditure to another or from a provision made for one scheme to another: Provided that no re-appropriation from the head "Loan" to any other head of expenditure and vice-versa shall be sanctioned by the Board except with the previous approval of the Government. (4) The Board may within such limits and subject to such conditions as may be prescribed, incur expenditure in excess of the limit provided in the budget approved by the Government under any head of expenditure or in connection with any particular scheme so long as the aggregate amount in the budget approved by the Government is not exceeded. (5) The Government may sanction the budget submitted to it with such modification as it deems fit. (6) The Board shall not be competent to transfer such fund without the approval of the Government.

The Board may, in any year, submit a supplementary budget for approval of the Government in such form end manner and before such date as may be prescribed and the provisions of section 23 shall apply in relation to such supplementary budget.

(I) The Board shall maintain proper accounts and other relevant records and prepare an annual statement of accounts and the balance sheet in such form and in such manner as may be prescribed. (2) by such this behalf persons as the Government may appoint in this behalf. (3) The accounts of the Board as certified by such auditor together with the audit report thereon shall be forwarded annually to the Government before such date as the Government may specify in this behalf, (4) The auditors appointed under sub-section (2) shall in relation to such audit,generally have such rights , privileges and authority as may be prescribed, and shall demand the production of books, accounts, vouchers and other documents in connection with the audit and to inspect any office of the Board. (5) The Board shall comply with such directions as the Government, after perusal of the report of the auditors, may issue as think fit.

(I) The Board shall prepare and forward to the Government and the Commission in such manner as may be prescribed, an annual report within six months from the end of the each financial year giving a complete accounts of its activities during the previous financial year along with a copy of the annual statement of accounts together with the audit report referred to in section 25. (2) The report and the annual statement of accounts together with audit report received by the Government under sub-section (I), shall be laid before the Legislative Assembly as soon as may be after it is received by the Government.