section 8
The university shall be self-financed and it shall not be entitled to receive any grant or other financial assistance from the Government.
The JSPM University, Pune Act, 2022Education202223 of 24 sections available
Statutory text
- (1) The sponsoring body shall establish a permanent statutory Endowment fund to be called the "Endowment Fund for the university" which Fund shall comprise of at least ten crore rupees which may be increased suo motu but shall not be decreased.
- (2) The Endowment Fund shall be kept as security deposit to ensure strict compliance of the provisions of this Act or rules, Regulations, Statutes or Ordinances made thereunder.
- (3) The Government shall have the powers to forfeit, in the prescribed manner, a part or whole of the Endowment Fund in case the university or the sponsoring body contravenes any of the provisions of this Act, rules, Statutes, Ordinances or Regulations made thereunder.
- (4) Income from Endowment Fund may be utilized for the development of infrastructure of the university but shall not be utilized to meet out the recurring expenditure of the university.
- (5) The amount of Endowment Fund shall be kept invested, until the dissolution of the university, by way of long term securities received or guaranteed by the Government subject to the condition that the amount so invested from the Fund shall not be withdrawn without the permission of the Government.
- (6) The certificates of the long term securities shall be kept in the safe custody of the Government; and the Government shall have the right to encash the deposit amount for the purposes mentioned in sub-section (3). 9. The university shall also establish a fund, which shall be called General Fund. The General Fund to which the following shall be credited, namely :--
- (i) fees and other charges received by the university;
- (ii) any contribution made by the sponsoring body;
- (iii) any income received from consultancy and other works undertaken by the university;
- (iv) bequests, donations, endowments and any other grants; and
- (v) all other sums received by the university.
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