Fund of Procurement Authority

Health202338 sections7 chapters

Chapter VI FINANCE, BUDGET AND ACCOUNTS

Statutory text

(1) There shall be a fund of the Procurement Authority to be called “ the Medical Goods Procurement Fund ”, to which shall be credited all moneys received by the Authority, including,—
- (a) all grants and such other moneys as may be paid to the Authority by the State Government;
- (b) such moneys as may be paid to the Authority by the Central Government or any other State Government or Union Territory or any other authority or agency;
- (c) all fees, costs and charges received by the Authority under this Act or any other law for the time being in force;
- (d) all other fees and charges received towards services rendered and towards administrative procedure of the Authority;
- (e) all moneys borrowed by the Authority;
- (f) any bequests, donations, endowments or other grants made by private individuals or institutions;
- (g) all moneys received by the Authority by way of rents or in any other manner or from any other source.
(2) The Procurement Authority may keep in current or deposit account with the State Bank of India or with any Nationalized Bank or with any other bank as approved by the State Government in this behalf, such sum of money out of its fund 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 State Government.
(3) Such accounts shall be operated by such officers of the Procurement Authority as may be authorized by it by regulations made in this behalf.

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