State Marketing Development Fund

(1) Every Mandi Samiti shall pay to the Board by the 10th of every month such percentage of its gross receipts, including license fees and Mandi fees, as the State Government may notify from time to time by notification; the amount so paid and collected shall be called the "Madhya Pradesh State Marketing Development Fund". (2) All expenses incurred by the Board according to the budget approved by it shall be paid out of the said fund. (3) The annual accounts and balance sheet of the Board shall be prepared by the Managing Director, and all money received by it or from any source, as well as all amounts disbursed or paid, shall be recorded in the accounts. (4) The audit of the Board's accounts shall be done by the Director, Local Fund Audit, Madhya Pradesh. (5) The Managing Director shall present all accounts, registers, documents and such other relevant papers that may be demanded by the Audit Officer for the purposes of audit. Necessary clarifications demanded by such officer to resolve any discrepancy shall be given immediately. (6) Once the accounts are audited, they shall be printed; copies of the accounts and the audit report, along with the comments thereon, shall be placed before the Board. The audit report, along with the comments of the Board, shall be sent to the State Government. (7) All money received in the Madhya Pradesh State Marketing Development Fund shall be kept in a cooperative bank or, if no such bank exists at the Board's headquarters, in a post office savings bank or in such bank as may be allowed under the banking company (Acquisition and Transfer of Undertakings) Act.