Chapter VIII FUNDS

1. (1) The Institute shall establish a permanent endowment fund of at least rupees twenty fi ve crores.
2. (2) The Institute shall have the power to invest in the permanent endowment fund in such manner as may be prescribed.
3. (3) The Institute may transfer any amount from the general fund or the development fund to the permanent endowment fund.
4. (4) Any amount exceeding the minimum amount specifi ed in sub-section
5. (1) may be withdrawn from the permanent endowment fund by the Institute for the purpose of development of the Institute.

1. (1) The Institute shall establish a general fund to which the following amount shall be credited, namely:-
   • (a) the income received by the Institute from fees and charges;
   • (b) any bequests, donations, endowments or other grants made by private individuals or institutions;
   • (c) any contribution or bequests from the Industries, traders or entrepreneurs;
   • (d) all sums received from any other source;
   • (e) all contributions made by the Society; and
   • (f) all contributions made in this behalf by any other person or body which are not prohibited by any law for the time being in force.
2. (2) The moneys credited to the general fund shall be applied to meet all the recurring expenditure of the Institute.

1. (1) The Institute shall also establish a development fund to which the following moneys shall be credited, namely:-
   • (a) development fees, which may be charged from students;
   • (b) all sums received from other sources for the purpose of the development of the Institute;
   • (c) all contributions made by the Society;
   • (d) all contributions made in this behalf by any other person or body which are not prohibited by any law for the time being in force; and
   • (e) all incomes received from the permanent endowment fund.
2. (2) The moneys credited to the development fund from time to time shall be utilised for the development of the Institute.

The funds established under sections 31, 32 and 33 shall subject to general supervision and control of the Governing Council, be regulated and maintained in such manner as may be prescribed.