(1) Every private technical educational institution shall maintain accounts on the basis of accounting principles applicable to non-business organization, not for profit organization that is it shall keep the accounts on “Fund Based Accounting under accrual basis of accounting.
(2) A private technical educational institution may charge development fee not exceeding fifteen percent of the total amount of tuition fee.
Factors for determination of fee.
Prohibition of capitation fee.
Maintenance of accounts.
Act to have overriding effect.
Action for contravention of provisions of Act.
Imposition of fine.
238 HARYANA GOVT. GAZ. (EXTRA), SEPT. 10, 2012 (BHDR. 19, 1934 SAKA) The development fee shall be treated as capital receipt and shall be collected only if the institution maintains the “Depreciation Reserve Fund” equivalent to the depreciation charges in the revenue accounts.
(3) The society, trust, organization, association of persons, company,firm or any legal entity owning the private technical educational institution shall be required to maintain separate accounts for the society, trust, organization, association of persons, firm and the institution, as the case may be. If the society, trust, organization, association of persons, company, firm or any legal entity owning the private technical educational institution, is running more than one institution, then separate accounts shall be maintained for each institution.
CHAPTER VI MISCELLANEOUS
20. The provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any other State law for the time being in force.