(1) The Competent Authority shall keep the amount collected for regularisation in a separate account called the Urban Areas Infrastructure Development Fund. The fund shall be utilised for the purposes specified in section 76FF of the Act.
(2) Out of the fund collected Fifty percent shall be utilised for development of parks and open spaces including lands to be acquired under sub-section (2) of section 69 of the Act. The remaining Fifty percent shall be utilised for provision of infrastructure, civic amenities, lighting, drinking water, drainage system, fire safety and for any other infrastructure.
(3) No amount from the fund shall be spent without the approval of the Regional Commissioner.
(4) The annual report regarding the receipts and expenditures of the fund shall be sent to the Government.
(5) The progress report shall be audited and submitted to Government periodically.