General Fund

(1) The University shall have General Fund to which shall be credited,— (a) fees and other charges received by the University; (b) any income received from consultancy and other work undertaken by the University; (c) bequests, donations, endowments and any other grants; and (d) funds and grants received from any source by the University for research projects from any Government and non-Government agencies. (2) The General Funds shall be utilized for the following purposes: (a) for the payment of debts including interest thereto incurred by the University; (b) for the upkeep of the assets of the University; (c) for the payment of the cost of audit of the funds of the University; (d) for meeting the expenses of any suit or proceedings to which the University is a party; (e) for the payment of salaries, allowances and benefits to the members of the officers, teachers and employees of the University, and, for the payment of any benefits to any such officers and employees; (f) for the payment of travelling and other allowances of the members of the authorities of the University and of the members of any committee or board; (g) for the payment of fellowships, freeships, scholarships, stipends, medals and prizes to students belonging to the society or research associates or trainees, as the case may be, or to any student otherwise eligible for such awards; (h) for the payment of any expenses incurred by the University in carrying out the provisions of this Act; (i) for the payment of cost of capital, professional services and any other likewise activities for the purpose of the University as deemed by the Trust for setting up and running the University and the investments made therefor; (j) for the payment of charges and expenditure relating to the consultancy work undertaken by the University; and (k) for the payment of any expenditure, salaries, taxes, liabilities etc. by the Trust for or on behalf of the University. (3) The University shall devise accounting system to handle the administration of finance and accounts in a simple and efficient manner so that unnecessary procedural complications can be avoided. (2) The General Funds shall be utilized for the following purposes:- (a) for the repayment of debts including interest accrued thereto incurred by the University for its establishment and development; (b) for the upkeep and maintenance of the assets of the University; (c) for the payment of the cost of audit of the funds of the University; (d) for meeting the expenses of any suit or legal proceedings; (e) for the payment of salaries, allowances, provident fund, gratuity, death-cum-retirement benefits or other benefits to any such officers and employees; (f) for the payment of travelling and other allowances of the members of the authorities of the University and of the members of any committee or board; (g) for the payment of fellowships, freeships, scholarships, stipends and other assistance to students belonging to any society or research associates or trainees, as the case may be, or to any student otherwise eligible for such awards; (h) for the payment of any expenses incurred by the University on all its academic and likewise activities for the purpose of the University; (i) for the payment of cost of capital, not exceeding the Prime Lending Rate of the Bank, incurred by the Trust for setting up and running the University and the investments made therefor; (j) for the payment of charges and expenditure relating to the consultancy work undertaken by the University; and (k) for the payment of any expenditure, salaries, taxes, liabilities etc. by the Trust for or on behalf of the University. (3) The University shall devise accounting system to handle the administration of finance and accounts in a simple and efficient manner so that unnecessary procedural complications can be avoided.