Chapter V Chapter V

Finance, Accounts, Audit and Reports

Transfer of Property.— Government may transfer to the Board buildings, land or any other property, whether movable or immovable, for use and management by the

Funds of the Board Funds of the Board.— [(1) The Board shall have two separate funds to be called the Khadi Fund and the Village Industries Fund and all monies received by the Board for the development of Khadi or Village Industries and all receipts from Khadi and Village Industries shall be credited to the Khadi Fund or the Village Industries Fund, as the case may be, and all payments by the Board for or in respect of Khadi or Village Industries shall be made from the appropriate fund: Provided, however, that if at any time, the amount available in either of the two funds referred to above, excluding gifts, grants, donations or benefactions is in excess of the requirements of that fund and the amount available in the order fund is insufficient to meet the requirements of that fund, the Board may, with the previous approval of Government, transfer from the first mentioned fund the excess amount or such part thereof as may be necessary to the other fund”.]

1. (2) The Board may accept grants, subventions, donations and gifts and receive loans from Government or a local authority or any body or association, whether incorporated or not, or an individual for all or any of the purposes of this Act.
2. (3) All money belonging to the [funds] of the Board shall be deposited in the State Bank of India or with the agents of the State Bank of India or where there is neither an office of the State Bank of India nor an agent of the State Bank of India, in a Government Treasury or be invested in such securities as may be approved by the Government.
3. (4) The accounts of the Board shall be operated upon by such officers jointly or individually as may be authorised by the Board.

Application of fund and property.— All property, fund and other assets of the

Subventions and loans to the Board Subventions and loans to the Board.—

1. (1) Government may, from time to time, make subventions and grants to the Board for the purpose of this Act on such terms and conditions as Government may determine in each case.
2. (2) The Board may, from time to time, with the previous sanction of Government and subject to the provisions of this Act and such conditions as Government may determine, borrow any sum required for the purposes of this Act:

Budget

1. (1) The Board shall, by such date in each year as may be prescribed prepare and submit to Government for approval [“two separate budgets in the prescribed form for the next financial year, to be called the Khadi Budget and the Village Industries Budget”] showing the estimated receipts and expenditure in respect of Khadi and Village Industries respectively during that financial year. The Board shall forward a copy of the budget to the Khadi and Village Industries Commission for information and remarks if any.
2. (2) Subject to the provisions of sub-sections
3. (3) and
4. (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 Government.
5. (3) The Board may within the respective limits of the Khadi Budget and the Village Industries Budget sanction re-appropriation from one Head of expenditure to another or from a provision made for one scheme to that in respect of another, but subject to the provisions of the proviso to sub-section
6. (1) of section 24, in no case shall a re-appropriation of funds be made from the Khadi Budget to the Village Industries Budget, or from the Village Industries Budget to the Khadi Budget: Provided that no re-appropriation from the head “Loan” to any other head of expenditure and vice versa in the budget shall be sanctioned by the Board except with the previous approval of Government and the Khadi and Village Industries Commission.
7. (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 Government under any head of expenditure or in connection with any particular scheme so long as the aggregate amount in either budget approved by Government is not exceeded.

Supplementary Budget.— The Board may submit a supplementary budget for the sanction of Government in such form and before such date as Government may prescribe and the provisions of section 27 shall apply to such supplementary budget.

Annual Report.—

1. (1) The Board shall prepare and forward to Government in such manner as may be prescribed an annual report within three months from the end of the financial year giving a complete account of its activities during the previous financial year alongwith a copy of the annual statement of accounts referred to in section 31.
2. (2) The Board shall prepare and forward to the Commission an annual report within three months from the end of the financial year giving a complete account of the funds received by the Board from the Commission and the activities carried on by the Board from and out of such fund during the previous financial year.
3. (3) The report received by Government under sub-section
4. (1) shall be laid before the Goa, Daman and Diu Legislative Assembly as soon as may be after it is received by Government.

Returns and Reports.—

1. (1) The Board shall furnish to Government and the Khadi and Village Industries Commission at such time and in such form and manner as may be prescribed or as Government or the Khadi and Village Industries Commission may direct, such returns and statements and such particulars in regard to any proposed or existing programme for the promotion and development of Khadi and Village Industries as Government [“or the Khadi and Village Industries Commission”] may, from time to time require.
2. (2) Without prejudice to the provisions of sub-section (1), the Board shall, as soon as possible after the end of each financial year, submit to Government a report in such form and before such date as may be prescribed, giving a true and full account of its activities, policy and programme, during the previous financial year.
3. (3) All returns, statements and particulars furnished by the Board to Government under sub-section
4. (1) shall, as soon as possible after they are so furnished be placed on the table of the House of the Legislature.

Accounts and Audit.—

1. (1) The Board shall maintain proper accounts and other relevant records and prepare an annual statement of accounts including the profit and loss account and the balance sheets in such form as may be prescribed.
2. (2) The accounts of the Board shall be audited by such persons as Government may appoint in this behalf.
3. (3) The Auditors appointed by the Khadi and Village Industries Commission shall have the right to audit and inspect the accounts of the Board pertaining to the funds advanced by the Khadi and Village Industries Commission.
4. (4) The person appointed under sub-section
5. (2) shall, in connection with such audit, have rights, privileges and authority, as may be prescribed and in particular, such auditor shall have the right to demand the production of books, accounts, connected vouchers and other documents and to inspect any of the offices of the Board.
6. (5) The accounts of the Board as certified by such auditor together with the audit report thereon shall be forwarded annually to Government and the Khadi and Village Industries Commission before such date as Government 11[“or the Khadi and Village Industries Commission”] may specify in this behalf.
7. (6) The Board shall comply with such directions as Government 12[“or the Khadi and Village Industries Commission”] may, after perusal of the report of the auditor think fit to issue.