Funds of the Planning Authority

Infrastructure197573 sections10 chapters

Chapter IX FINANCE, ACCOUNTS AND AUDIT

Statutory text

(1) Every planning authority shall havc and maintain its own Fund to which shall be credited -
- (a) all moneys received by the planning authority from the Government by way of grants, loans, advances or otherwise ;
- (b) all dcvclop~nent charges or other charges or fees received by the planning authority undcr this Act or rules or regulations thereunder ;
- (c) all moneys reccivcd by the planning authority from any orher source.
(2) The Fund shall be applied rowards meeting -
- (a) the expenditire incurred in che administration of this Act ;
- (b) the cos~ of acquisition of land in the planning area for purposcs of development ;
- (c) the espenditurc For any develop~~lent of land in the pln~lning ar-c;i 111id
- (d) thc cxpcndirtire lor such ocher purposes as the State Government mily tliiqec t.
(3) Every planning autllol-ity may keep in current account of the State Bank of India or any othcr bi~tlk approved by the State Government in this bchnlf such sun1 of tnollcy out of its i'i~nds as may be prescribed by [he rules and any moncy in exccss of the said sun1 shall be invested in such manner as may be approved by the State Governmenl.
(4) The State Goveinnmenr may makc such grants, advanccs and loilns ~o ii~y planning ai~tho~-ity as ir may decm ncccssar-y for loans and ndvnl~ccs ~nnrle shall be on such terms ancl conditions as thc statc Govcrnmcnt may determine.

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