Contributions by the Municipal Corporations, Municipal Councils, etc. to the Planning and Development Fund and other funds.

(1) Every Municipal Corporation, Municipal Council, Town Panchayat or Village Panchayat concerned at the beginning of each financial year shall contribute a sum equivalent to half per cent of the total sum of money credited during the preceding year to its Planning and Development Fund constituted under sub-section (1) of section 97. (2) The Municipal Corporation, Municipal Council, Town Panchayat or Village Panchayat may also contribute to the fund maintained by the Board, a District Planning Committee or a Metropolitan Planning Committee, as the case may be, and a Development Authority if any, any sum as may be fixed by the Government.