Object and administration of the Fund

Infrastructure200615 sections

Statutory text

(1) The Fund shall be utilised to compensate the Municipalities for the loss of revenue, suffered by them due to the abolition of octroi, levied and collected under the Punjab Municipal Act, 1911 and the Punjab Municipal Corporation Act, 1976.
(2) The Fund shall be administered by the Director under the superintendence and control of the State Government. Section 4A 1[4-A. Compensation to Cantonment Boards. - Notwithstanding any thing contained in Section 4, the Fund shall also be utilized to compensate the Cantonment Board, Jalandhar and Cantonment Board, Ferozepur for the loss of revenue, suffered by them due to the abolition of octroi, levied and collected by them, if the cantonment authorities enter into an agreement with the State Government, not to levy and collect octroi in these cantonments. Explanation. - For the purpose of this Section, the Cantonment Board shall have the same meaning as has been assigned to it in the Cantonments Act, 2006 (Central Act 41 of 2006).] Section 5

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