(1) The Board shall maintain accounts of all receipts and expenditure relating to each year and maintain records in such a manner as to prepare annually the receipts and payment account and income and expenditure account and a balance sheet. These accounts shall be approved by the Board and submitted to Auditors.
(2) The annual accounts of the Board as mentioned in sub-rule (1), together with Auditor’s Report thereon, as provided under section 15(4) of the Act, shall be submitted annually to the Central Government as soon as possible after the close of the year and in any case, not later than the dates specified in this behalf by the Central Government for being laid on the tables of both Houses of Parliament.
(3) Without prejudice to anything contained in this rule the Board shall, after the end of each financial year, submit to the Central Government a report in a form to be decided by the Central Government giving a true and full account of its activities, policy and programmes during the previous financial year latest by the 30th June.