Budgetary allocation for repayment.

Infrastructure199934 sections

Statutory text

(1) From, time to time, Government shall make provision in the Annual Budget to defray the expenses incurred for payment of annuity or other repayment obligation incurred in lieu of section 8 and to meet operational and administrative expenses of the Board: Provided that Government shall set apart a share of the Motor Vehicle Taxes as contribution to the fund, reckoned on the basis of the Motor Vehicle Taxes collected for the previous year such share being ten per cent in the first year and increased by ten percent each year upto fifty per cent of the Motor Vehicle Tax in the fifth year: Provided further that in addition, the cess levied on petroleum products shall also be contributed to the Fund by the Government on the basis of the amount of cess collected during the previous year.
(2) The transfer of funds required for the successive twelve months shall be completed either in one or more installments, before the last working day of December of that year: Provided that the revenue realised from any project including user levy shall be set-off from the appropriation so made at the end of the year and only the balance after defraying operational expenses need be provided as appropriation during the year.
(3) The Govemment may after due appropriation by law passed by State Legislature from time to time make grants, advances and loans to the fund for the purposes of this Act, on such terms and conditions as the Government may determine.]

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