Custody of Municipal Fund

Custody of Municipal Fund: All moneys received on account of the Municipal Fund shall be paid into a Government treasury or into any bank in the municipal area, and shall be credited to any account to be called the account of the Municipality to which they belong: Provided that the Executive Council may invest moneys not required for immediate use, either in Government securities or in any other form of security which may be approved by the State Government or in fixed deposit in the State Bank of India or in any nationalised bank or Co-operative Bank, or in any other form as the State Government may direct.