Vidhi Codex

section 12

Finance, Accounts and Audit

The Jharkhand Professional Educational Institutions (Fee Regulation) Act, 2025
Education202518 sections5 chapters
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Chapter IV FINANCE, ACCOUNTS AND AUDIT

Statutory text
  1. (1) The State Government may, after due appropriation by the State Legislature, may make grants to the committee in each financial year such sums as it considers necessary for the performance of functions under this Act.
  2. (2) The Committee shall have its own Fund; and all sums which may from time to time be paid to it by the Government and all the receipts of the Committee shall be credited to the Fund and all payments by the Committee shall be made there from.
  3. (3) The Committee may spend such sums as it deems fit for performing its functions under this Act, and such sums shall be treated as expenditure payable out of the Fund of the Committee.
  4. (4) The Committee shall prepare, in such form and at such time, each year as may be prescribed, a budget in respect of the ensuing financial year, showing the estimated receipts and expenditure, copies thereof shall be forwarded to the Government.
  5. (5) The Committee shall maintain its Fund in account in any Scheduled Commercial Bank authorized to hold Government funds in such manner as it deems fit.
  6. (6) The accounts of the Committee shall be audited annually by the Office of the Comptroller and Auditor General of India or an auditor appointed by the Government.
  7. (7) The annual accounts of the Committee together with the audit report thereon shall be forwarded to the Government, which may, lay the same before the State Legislature and may forward a copy of the audit report to the Committee for taking suitable action on the matter arising out of the audit report.
  8. (8) The Committee, as soon as, may be, after the end of each financial year, prepare and submit to the Government, before such date and time as may be prescribed, a report giving an account of its activities during the previous financial year and the State Government, shall place, every such report, before the State Legislature, as soon as, may be, after its receipt.

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