General Fund

The University shall also establish a General Fund to which the following funds shall be credited namely,-

1. (a) All fees which may be charged by the University;
2. (b) All sums received from any other source;
3. (c) All contributions made by the Sponsor;
4. (d) Meeting the expenses of any suit or proceedings to which University is a party;
5. (e) The payment of salaries and allowances of the officers and the employees of the University, members of the teaching and research staff, an payment of any Provident Fund Contributions, Gratuity and other benefits to any such officers and employees, members of the teaching and research staff;
6. (f) The payment of travelling and other allowances of the members of the Board of Governors, the Board of Management, Academic Council, and other authorities so declared under the Rules & Regulations of the University and of the members of the Committee or Board appointed by any of the authorities of the University in pursuance of any provision of this Act, or the Statutes made thereunder;
7. (g) The payment of fellowships, freeships, scholarships, assistantships and other awards to students, research associates or trainees eligible for such awards under the Act, or Statutes of the University under the provisions of this Act;
8. (h) The payment of any expenses incurred by the University in carrying out the provisions of this Act, or the Rules & Regulations made thereunder;
   • (i) The payment of cost of capital, not exceeding the prevailing bank rate of interest, incurred by the Sponsor for setting up the University and the investments made thereof;
9. (j) The payment of charges and expenditure relating to the consultancy work undertaken by the University in pursuance of the provisions of this Act, and the Statutes made thereunder;
10. (k) The payment of any other expenses including a management fee payable to any organization charged with the responsibility of managing the University on behalf of the Sponsoring Body, as approved by the Board of Management to be an expense for the purpose of the University; Provided that no expenditure shall be incurred by the University in excess of the limits for the total recurring expenditure and the total non-recurring expenditure for the year as may be fixed by the Board of Management without the previous approval of the Board of Management;