Chapter III FINANCE, ACCOUNTS AND AUDIT

(1) The Foundation shall receive monies from the following sources, namely:— (a) grants and loans of such sums of money as the Central Government may consider necessary, after due appropriation made by Parliament by law in this behalf; (b) any sums received for research and development, including through donations from any other source, including from public sector enterprises, the private sector, philanthropist organisations, foundations or international bodies; (c) recoveries made of the amounts granted to the Foundation; (d) any income from investment of the amounts received by the Foundation; (e) all amounts with the Fund for Science and Engineering Research under the Science and Engineering Research Board Act, 2008 (9 of 2009) as on the appointed date; and (f) such other sources as may be prescribed. (2) The Governing Board shall constitute the following Funds, into which it shall allocate, in the manner as it determines fit, the amounts received from clauses (a), (b), (c), (d) and (f) of sub-section (1), namely:— (a) the Anusandhan National Research Foundation Fund, which shall be used for the financing of activities under the Act, including expenses, salaries, allowances and other administrative exigencies for achieving the objectives of the Foundation; (b) the Innovation Fund for supporting outstanding creativity in the areas supported by the Foundation; (c) the Science and Engineering Research Fund for continuation of the projects and programmes initiated under the Science and Engineering Research Board Act, 2008 (9 of 2009); and (d) one or more Special Purpose Funds for any specific project or research. (3) The Governing Board shall maintain the Science and Engineering Research Fund referred to in clause (c) of sub-section (2) for such time as it may determine necessary, and allocate to such Fund, the following amounts, namely:— (a) all amounts under clause (e) of sub-section (1); and (b) any further amounts from any of the other sources of Funds received by the Foundation, as may be determined to be necessary for the implementation of such projects and programmes, based on a review and assessment by the Executive Council. (4) The Central Government shall frame such financial rules for the utilisation of the amounts in the Funds established under this Act.

The Executive Council shall prepare a budget, maintain proper accounts in such form and manner at such time and at such intervals as may be prescribed for the next financial year, showing the estimated receipts and expenditure of the Foundation, as approved by the Governing Board, and forward the same to the Central Government.

The Executive Council shall prepare, in such form and manner and at such time in every financial year, as may be prescribed, its annual report, giving a full account of the Foundation's activities during the previous financial year and submit a copy of the same to the Central Government.

(1) The Executive Council shall maintain proper accounts and other relevant records and prepare an annual statement of accounts in such form and manner as may be prescribed in consultation with the Comptroller and Auditor-General of India. (2) The Comptroller and Auditor-General of India or any other person appointed in connection with the auditing of the accounts of the Foundation under this Act shall have the same rights and privileges and the authority in connection with such audit as the Comptroller and Auditor-General of India has in connection with the auditing of the Government account and, in particular, shall have the right to demand the production of books, accounts connected vouchers and other documents and papers and to inspect any of the office of the Foundation under this Act. (3) The accounts of the Foundation shall be audited by the Comptroller and Auditor-General of India annually and any expenditure incurred in connection with such audit shall be payable by the Foundation to the Comptroller and Auditor-General of India. (4) The Executive Council shall furnish to the Central Government, before such date as may be prescribed, its audited copy of accounts together with auditor's report.

The Central Government shall cause the annual report and auditor's report to be laid, as soon as may be after they have received, before each House of Parliament.