General Fund

(1) The University shall have General Fund to which shall be credited,- (a) fees and other charges received by the University; (b) any contribution made by the Trust; (c) payments received from consultancy and other work undertaken by the University; (d) bequests, donations, endowments and any other grants; (e) funds and grants received from any source by the University for performing any task; and (f) grants from any Government and non-Government agencies. (2) The General Fund shall be utilized for the following purposes:- (a) for the repayment of debts including interest charges thereto incurred by the University; (b) for the upkeep of the assets of the University; (c) for the payment of the cost of audit of the funds created; (d) for meeting the expenses of any suit or proceedings; (e) for the payment of salaries, allowances of the officers and employees of the University and for the payment of any benefits to any such officers and employees; (f) for the payment of travelling and other allowances of the members of the authorities of the University and of the members of any committee or board; (g) for the payment of fellowships, freeships, scholarships, assistantships and other awards to students belonging to economically weaker sections of the society or research associates or trainees, as the case may be, or to any student otherwise eligible for such awards; (h) for the payment of any expenses incurred by the University; (i) for acquisition of land or any kind of development work or likewise activities for the purpose of the University; (j) for the payment of cost of capital and repayment of loans incurred by the Trust for setting up and running the University and the investments made therefor; (k) for the payment of charges and expenditure relating to the consultancy work undertaken by the University; and (l) for the payment of any expenditure, salaries, taxes, liabilities etc. by the Trust for or on behalf of the University. (3) The University shall design such accounting system to handle the administration of finance and accounts in a simple and efficient manner that unnecessary procedural complications could be avoided.