Chapter IV FINANCE, ACCOUNTS AND AUDIT

The Central Government may, after due appropriation made by Parliament by law in this behalf, pay to the Centre in each financial year such sums of money and in such manner as it may think fit for being utilised for the purposes of this Act.

(1) The Centre shall maintain a Fund to which shall be credited,— (a) all monies provided by the Central Government; (b) all fees and other charges received during or in connection with the arbitration, conciliation, mediation or other proceedings; (c) all monies received by the Centre for the facilities provided by it to the parties; (d) all monies received by the Centre in the form of donations, grants, contributions and income from other sources; and (e) the amount received from the investment income. (2) All monies credited to the Fund shall be deposited in such banks or invested in such manner as may be decided by the Centre. (3) The Fund shall be applied towards meeting the salaries and other allowances of Members, Registrar, Counsel and other officers and employees of the Centre and the expenses of the Centre including expenses incurred in the exercise of its powers and discharge of its duties under this Act.

(1) The Centre shall maintain proper accounts and other relevant records and prepare an annual statement of accounts, including the balance sheet, in such form and manner as may be prescribed in consultation with the Comptroller and Auditor-General of India. (2) The accounts of the Centre shall be audited by the Comptroller and Auditor-General of India and any expenditure incurred by him in connection with such audit shall be payable by the Centre to the Comptroller and Auditor-General of India. (3) The Comptroller and Auditor-General of India and any person appointed by him in connection with the audit of the accounts of the Centre shall have the same rights, privileges and authority in connection with such audit as the Comptroller and Auditor-General of India has in connection with the audit of the 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 the offices of the Centre. (4) The accounts of the Centre 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 the Central Government shall cause the same to be laid before each House of Parliament.

The assets and liabilities in relation to any undertaking under this Act shall be caused to be assessed by any agency authorised by the Comptroller and Auditor-General of India in such manner as may be specified by him and any payment on a claim to be made in relation thereto shall be settled by him between the Society and the Central Government and shall be paid by the Society or the Central Government, as the case may be, in the manner as may be specified by the Comptroller and Auditor-General of India.