Chapter X FINANCE, ACCOUNTS AND AUDIT

Constitution of Fund.-The Government may constitute a fund for the purpose of administration and furthering the functions of the Board, the Planning Authority or any other authority or committee constituted under this Act.

Fund of the Planning Authority.-

1. (1) Every Planning Authority shall have and maintain its own fund to which shall be credited:
   • (a) all moneys received by the Planning Authority from the Government by way of grants, loans, advances, or otherwise;
   • (b) all development charge or other charges or fees received by the Planning Authority under this Act or Rules or Regulations made there under;
   • (c) contribution from such Local Authority or authorities of the area included in the Planning Area of the Planning Authority, not exceeding such amount from the general fund of such Local Authority or authorities to the fund of the Planning Authority as the Government may specify from time to time; and
   • (d) all moneys received by the Planning Authority from any other source.
2. (2) The fund shall be applied towards meeting –
   • (a) the expenditure incurred in the administration of the Act and in the functioning of the authority;
   • (b) the cost of acquisition of land in the Planning Area for purpose of development;
   • (c) the expenditure for any development of land in the Planning Area; and
   • (d) the expenditure for such other purposes as the Government may direct.
3. (3) Every Planning Authority may keep in an account of a scheduled Bank, such sum of money out of its fund as may be prescribed by the Rules and any money in excess of the said sum shall be invested in such manner as may be approved by the Government.
4. (4) The Government may, make such grants, advances and loans to any Planning Authority, as it may deem necessary, for the performance of the functions under this Act; and all grants, loans and advances made shall be on such terms and conditions as the Government may determine.

Budget of the Planning Authority.-Every Planning Authority shall prepare in such form and at such time every year as may be prescribed by the Rules, a budget in respect of the next financial year showing the estimated receipts and expenditure of the Planning Authority and shall forward to the Government and the Board, such number of copies thereof as may be prescribed by the Rules.

Accounts and Records.-

1. (1) Every Planning Authority shall maintain proper accounts and other relevant records and prepare an annual statement of accounts including the balance sheet in such form as prescribed by the Government under the Rules.
2. (2) The accounts of every Planning Authority shall be subject to audit annually by the Finance (Audit) Department of the State or a chartered account empanelled by the Controller and Auditor General or such other authority as decided by the Government, and any expenditure incurred by it in connection with such audit shall be payable by the Planning Authority.
3. (3) The Finance (Audit) Department or a chartered account or any authority appointed by Government in connection with the audit of accounts of the Planning Authority shall have the same right, privilege and authority in connection with such audit asit has in connection with the Government accounts and in particular shall have the right to demand the production of books, accounts, connected vouchers and other documents and papers and to inspect the office of the Planning Authority.
4. (4) The accounts of every Planning Authority as certified by the auditor together with the audit report thereon shall be forwarded annually to the Government and the Board.

Annual Report.-

1. (1) The Board shall prepare for every year a report of its activities during that year and submit the report to the Government in such form and on or before such date as may be prescribed by the Rules.
2. (2) Every Planning Authority shall prepare for every year, a report of its activities during that year and submit the report to the Government and the Board in such form on or before such date as may be prescribed by the Rules.

Pension and Provident Fund.-(1) The Board and the Planning Authority shall constitute for the benefit of its whole time paid members and of its officers and other employees in such manner and subject to such conditions as may be prescribed by the Rules, such pension and provident funds as it may deem fit.

1. (2) Where any such pension or provident fund has been constituted, the Government may declare that the provisions of the Bihar Pension Rules, 1950,Provident Fund Act, 1925 and Bihar Provident Fund Rules, 1948shallapply to such fund as if it were a Government pension and provident fund.