(7) There shall be a Panchayat Fund for each panchayat and the same shall be utilised for carrying out the duties and obligations imposed upon the panchayat by this Regulation.
(2) The following shall be credited to and form part of the panchayat Fund namely :—
(a) the proceedings of any tax or fee imposed by or assigned to the panchayat under this Regulation or any other law and transferred to the Panchayat Fund;
(b) the grants or contributions made by the Government or any person;
(c) the income from securities in which the Panchayat Fund is invested;
(d) all sums received by way of loans or gifts;
(e) the income from or proceeds of any property of the panchayat;
(f) sums assigned to the Panchayat Fund by any general or special order of the Administration ;
(g) all sums received in aid of or for expenditure of any institution or service maintained or financed from the Panchayat Fund or managed by the panchayat;
(h) any amount received for the management of community properties;
(/) all other sums ordered by a court to be placed at the credit of the Panchayat Fund;
SEC. 1] THE GAZETTE CF INDIA EXTRAORDINARY 15
(j) the sale proceeds of all dust, dirt, dung, refuse, or carcasesses of animals except in so far as any person is entitled to the whole or a portion thereof.
(j) The amount in l ie Panchayat Fund shall be utilised subject to the provisions of this Regulation and shall be kept in such custody as may be prescribed.
(4) In the case of any loan taken by a panchayat, the payment of the principal or instalment thereof and the payment of interest thereon shall be a first charge on its fund.