Deposits of Fund and placing of accounts and audit report before Government

Labour200534 sections

Statutory text

(1) All moneys and receipts forming part of the Fund shall be deposited in the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 or in the State Bank of India constituted under the State Bank of India Act, 1955 or any corresponding new Bank as defined in the Banking companies (Acquisition and Transfer of Undertakings) Act, 1970, or any other scheduled Bank or the State Co-operation Bank or such other Co-operative Bank as the Government may, by notification , specify, and the Bank account shall be operated upon by such officers of the Board as may be authorised .
(2) The accounts of the Board as certified by the auditor, together with the audit report thereon shall be forwarded yearly to the Government and the Government may issue such instructions to the Board in respect thereof as they may deem fit and the Board shall comply with all such instructions.

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