(1) Every Municipal Corporation, Municipal Council, Town Panchayat, Village Panchayat or Development Authority shall maintain a separate fund called Planning and Development Fund for the purposes of this Act, to which shall be credited,—
(a) any sum of money received from the Government or any other State, National or International agency by way of grants, loans, advances, or otherwise for the performance of functions under this Act;
(b) all development charges or 1[other charges or fines or fees] received under this Act or rules made thereunder;
(c) contributions from the fund of the Municipal Corporation, Municipal Council, Town Panchayat or Village Panchayat concerned;
(d) any sum of money borrowed under Section 110 from the market, with the approval of Government by way of debentures, bonds and other means in the manner prescribed;
(e) any sum of money earned from remunerative projects by way of rent or otherwise and disposal of its assets; and
(f) any other sum of money received by the Municipal Corporation, Municipal Council, Town Panchayat or Village Panchayat concerned from any other source for performing its functions under this Act.
(2) The Planning and Development Fund shall be applied towards meeting the following expenses, namely:—
(a) the expenditure incurred in the administration of this Act;
(b) the cost of acquisition of land in the local planning area for purposes of planned development under this Act;
(c) the expenditure for infrastructure development and development of land in the local planning area as envisaged in the Plans under this Act;
(d) any expenses incurred by the Municipal Corporation, Municipal Council, Town Panchayat or Village Panchayat concerned in connection with preparation of Plans under this Act; and
(e) the expenditure for such other purposes not inconsistent with the provisions of this Act.
98. 2[xxxx]
99. 3[xxxx]
1. Substituted by Act 33 of 2021 (w.e.f. 25.02.2021).
2. Omitted by Act 33 of 2021 (w.e.f. 25.02.2021).
3. Omitted by Act 33 of 2021 (w.e.f. 25.02.2021).