(1) For every Gram Panchayat there shall be constituted a Gram Panchayat Fund bearing the name of the Gram Panchayat and there shall be placed to the credit thereof -
(a) contributions and grants, if any made by the Central or the State Government including grants-in aid from the Consolidated Fund of the State based on the recommendation of the State Finance Commission constituted under this Act;
(b) contribution and grants, if any made by the Zilla Parishad, [***]or any other local authority;
***[the word 'Anchal Samity' deleted by Act 6 of 2018.s.6 (w.e.f, 21/4/2018)] ( c) loans, if any, granted by the State Government or the Central· Government or institutions with prior approval of the State Government;
(d) sums on account of taxes, rates, duties, tolls and fees if any, authorised to be levied and received with the approval of the Government ;
(e) any receipts as may be authorised by the Government in respect .of any schools, hospitals, dispensaries, buildings, institutions or works vested in, constructed by or placed under the control and management of the Gram Panchayat;
(f) such fines and penalties imposed and realised under the provisions of this Act as may be prescribed ; or
(g) and such other sums as may be authorised by the Government to be received by the Gram Panchayat.
(2) Every Gram Panchayat shall set apart and apply annually such sum as may be required to meet the cost of its own administration including the payment of salary allowances, provident fund and gratuity to its officers and employees if any engaged.
(3) Every Gram Panchayat shall have the power to open such account as it thinks fit for carrying out the purposes of this Act.
( 4) The Gram Panchayat Fund shall be vested in the Gram Panchayat and the amount standing to the credit of the Fund shall be kept in such custody as the State Government may, from time to time, direct.
(5) Subject to such general control as the Gram Panchayat may exercise from time to time, all orders for payment from the Gram Panchayat Fund shall be signed by the Member Secretary.
(6) The Gram Panchayat Fund shall be operated in such manner as may be prescribed.
Imposition of tax by Gram Panchavat