Chapter IV FINANCE, ACCOUNTS AND AUDIT

The Central Government may, after due appropriation made by Parliament by law in this behalf, make to the Bureau grants and loans of such sums of money as the Government may consider necessary.

1. (1) There shall be constituted a fund to be called the Bureau of Indian Standards fund and there shall be credited thereto—
   • (a) any grants and loans made to the Bureau by the Central Government;
   • (b) all fees and charges received by the Bureau under this Act;
   • (c) all fines received by the Bureau;
   • (d) all sums received by the Bureau from such other sources as may be decided upon by the Central Government.
2. (2) The fund shall be applied for meeting—
   • (a) the salary, allowances and other remuneration of the members, Director General, officers and other employees of the Bureau;
   • (b) expenses of the Bureau in the discharge of its functions under the Act; and
   • (c) expenses on objects and for purposes authorised by this Act: Provided that the fines received in clause (c) of sub-section (1) shall be used for consumer awareness, consumer protection and promotion of quality of goods, articles, processes, system or services in the country.

1. (1) The Bureau may, with the consent of the Central Government or in accordance with the terms of any general or special authority given to it by the Central Government, borrow money from any source as it may deem fit for discharging all or any of its functions under this Act.
2. (2) The Central Government may guarantee in such manner as it thinks fit, the repayment of the principal and the payment of interest thereon with respect to the loans borrowed by Bureau under sub-section (1).

The Bureau shall prepare, in such form and at such time in each financial year as may be prescribed, its budget for the next financial year, showing the estimated receipts and expenditure of the Bureau and forward the same to the Central Government.

1. (1) The Bureau shall prepare, in such form and at such time in each financial year as may be prescribed, its annual report, giving a full account of its activities during the previous financial year, and submit a copy thereof to the Central Government.
2. (2) The Central Government shall cause the annual report to be laid, as soon as may be after it is received, before each House of Parliament.

1. (1) The Bureau shall maintain proper accounts and other relevant records and prepare an annual statement of accounts, in such form as may be prescribed by the Central Government in consultation with the Comptroller and Auditor-General of India.
2. (2) The accounts of the Bureau shall be audited by the Comptroller and Auditor-General of India at such intervals as may be specified by him and any expenditure incurred in connection with such audit shall be payable by the Bureau to the Comptroller and Auditor-General of India.
3. (3) The Comptroller and Auditor-General of India and any person appointed by him in connection with the audit of the accounts of the Bureau shall have the same rights and privileges and the authority in connection with such audit as the Comptroller and Auditor-General of India generally has in connection with the audit of Government accounts 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 office of the Bureau.
4. (4) The accounts of the Bureau as certified by the Comptroller and Auditor-General of India or any other person appointed by him in this behalf together with the audit report thereon shall be forwarded annually to the Central Government and that Government shall cause the same to be laid before each House of Parliament.