Chapter IV FINANCE, ACCOUNTS AND AUDIT

Funds of the Board. 23.

1. (1) The Board shall have and maintain its own funds to which shall be credited -
   • (a) all moneys received by the Board from the Government by way of grants, loans, advances or otherwise;
   • (b) all moneys borrowed by the Board from sources other than the Government by way of loans, or debentures;
   • (c) all fees and charges collected or received by the Board under this Act or any rules or regulation made thereunder;
   • (d) all moneys received by the Board from the disposal of lands, buildings and other properties, movable and immovable; and
   • (e) all moneys received by the Board by way of rents and profits or in any other manner or from any other sources.
2. (2) The funds shall be applied towards meeting the expenses incurred by the Board in the administration of this Act and for no other purpose.
3. (3) The Board may keep in current account of the State Bank of India or any other nationalized banks such sum or sums of money out of its funds as may be prescribed by rules and any money in excess of the said sum or sums 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 the Board as the Government may deem necessary for the performance of the functions of the Board under this Act and all grants, loans and advances made shall be on such terms and condition as the Government may determine.
5. (5) The Board may borrow moneys by way of loans or debentures from financial institutions and such sources (other than the Government) and on such terms and conditions as may be approved by the Government.
6. (6) The Board shall maintain a Debt Fund for the repayment of moneys borrowed under sub-section
7. (5) and shall pay every year into the Debt Fund such sum as may be sufficient for repayment of principal and interest due thereon, within the period fixed, of all moneys so borrowed.
8. (7) The Debt Fund or any part thereof shall be applied in, or towards, the discharge of the loan for which such Fund was created, and until such loan is wholly discharged, it shall not be applied for any other purpose.

Budget and audit of the Board 24.

1. (1) The Board shall prepare in such form and at such time every year as may be prescribed by rules, a budget in respect of the financial year next ensuing showing the estimated receipts and expenditure of the Board and shall forward to the Government such number of copies thereof as may be prescribed by rules.
2. (2) The Board shall maintain proper accounts and other relevant records and prepare an annual statement of accounts, including the balance-sheet in such form as the Government may by rules prescribe in consultation with the Comptroller and Auditor-General of India.
3. (3) The accounts of the Board shall be subject to audit annually by the Comptroller and Auditor-General of India and any expenditure incurred by him in connection with such audit shall be payable by the Board to the Comptroller and Auditor-General of India.
4. (4) The Comptroller and Auditor-General of India and any person appointed by him in connection with the audit of accounts of the Board shall have the same right, privilege and authority in connection with such audit as the Comptroller and Auditor-General of India has in connection with the audit of 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 Board.
5. (5) The accounts of the Board as certified by the Comptroller and Auditor-General of India or any other person appointed by him in this behalf, together with the audit report thereon, shall be forwarded annually to the Government and the Government shall cause a copy of the same to be laid before the Legislative Assembly of Delhi.

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 rules, and the Government shall cause a copy of the report to be laid before the Legislative Assembly of Delhi.