Accounts will be audited in each financial year by a Chartered Accountant.

Penalties Penalties.—

1. (1) The schools in case of violation of any provisions of this Act or Rules made there under and notifications issued there under will be liable for the following penalties to be imposed by Fee Regulatory Committee.
   • (i) For first offence, maximum Rs.-1,00,000/- (one lakh);
   • (ii) For every subsequent offence, Rs- 2,00,000/- (Two lakh) per offence.
   • (iii) In case of not depositing determined penalty within a month, or in the case of commission of repeated offences, the Fee Regulatory Committee will have power to make recommendation of cancellation of recognition or approval of the private school or any other course for which the Divisional Commissioner received complaint in respect of the private school.
   • (iv) If the Guardian submits complaint on exorbitant increase of fees or any other point with evidence and affidavit, the Fee Regulatory Committee shall take decision within 60 (sixty) days.
   • (v) On being not satisfied with the decision taken at the Fee Regulatory Committee headed by the Divisional commissioner, any party may prefer appeal as per rules before the State Appellate Authority.