Chapter X Finance, Accounts and Audit

1. (1) Every Planning and Development Authority shall maintain a separate fund to which shall be credited—
   • (a) all moneys received by the Planning and Development Authority from the Government by way of grants, loans, advances or otherwise for the purpose of this Act;
   • (b) all Development Charges or other charges received by the Planning and Development Authority under this Act or rules, regulations or bye-laws made thereunder;
   • (c) contributions from the local authority or authorities of the area included in the planning area of the Planning and Development Authority, of such amount not exceeding ten per cent of the general fund of such local authority or authorities, as the Government may specify from time to time;
   • (d) all moneys received by the Planning and Development Authority from any other source.
2. (2) The fund shall be applied towards meeting—
   • (a) the administrative expenses of the Planning and Development Authority;
   • (b) the cost of acquisition of land in the planning area for the purpose of development;
   • (c) the expenditure for any development of land in the planning area;
   • (d) the expenditure for such other purposes as the Government may direct.
3. (3) Every Planning and Development Authority may keep in current Account with the State Bank of India or any other Bank approved by the Government in this behalf such sums of money out of its funds as may be prescribed 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 and Development 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.

Every Planning and Development

Authority shall prepare in such form and at such time every year as may be prescribed, a budget in respect of the financial year next ensuing, showing the estimated receipts and expenditure of the Planning and Development Authority and shall forward through the

108 [Chief Town Planner (Administration)] to the Government and the Board, such number of copies thereof as may be prescribed.

1. (1) Every Planning and Development Authority shall maintain proper accounts and other relevant records and prepare an annual statement of accounts including the balance sheet in such form as may be prescribed.
2. (2) The accounts of every Planning and Development Authority shall be subject to audit annually by the Director of Accounts.
3. (3) The Director of Accounts or any person appointed by him in connection with the audit of accounts of the Planning and Development Authority shall have the same rights, privileges and authority in connection with such audit as the Director of Accounts has in connection with the audit of Government accounts, and in particular shall have the right to demand production of books, accounts, connected vouchers and other documents and papers and to inspect the office of the Planning and Development Authority.
4. (4) The accounts of every Planning and Development Authority as certified by the Director of Accounts together with the audit report thereon shall be forwarded annually to the Government and the Board.