(1) The Board shall have its own fund.
(2) The Board may accept grants, subventions, donations and gifts from the Government or a local authority, or any individual or body, whether incorporated or not, for all or any of the purposes of this Act.
(3) All moneys received by or on behalf of the Board by virtue of this Act, all proceeds of land or any other kind of property sold by the Board, all rents and all interests, and profits for works done to private and public agencies and other moneys accruing to the Board shall constitute the fund of the Board.
(4) Except as otherwise directed by the Government, all moneys and receipts specified in the foregoing provisions and forming part of the fund of the Board shall be deposited in the State Bank of India or any scheduled Bank or invested in such other form as may be approved by the Government:
Provided that the Board may invest any sums not required for immediate use in such securities or debentures as may be approved by the Government.
(5) Notwithstanding anything contained in sub-section (4), the Board may deposit in the Reserve Bank of India or in any scheduled Bank any amount not exceeding such sum as may be prescribed for the operation of an account with such bank and such account shall be operated upon by such officers of the Board as may be authorised by the Board and in such manner as may be prescribed.
Explanation:— For the purposes of this sub-section, the “Reserve Bank of India” shall mean the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934 (Central Act 2 of 1934) and a scheduled Bank shall mean a bank included in the second schedule to the said Act.