(1) There shall be a Finance and Accounts Committee to plan, co-ordinate and oversee the financial operations of the university. It shall examine the accounts, the progress of expenditure and all new proposals involving fresh expenditure in the light of the provisions available.
(2) The Finance and Accounts Committee shall consist of the following members, namely :-
(a) Vice-Chancellor as the Chairperson;
(b) Director of Accounts and Treasuries or his representative, not below the rank of Joint Director of Accounts and Treasuries;
(c) Chancellor's nominee from the Board of Management;
(d) one person from the Academic Council, nominated by the Vice-Chancellor;
(e) two experts nominated by the Board of Management, one of whom shall be a Chartered Accountant who is an expert in the field of accounting and auditing and the other shall be an expert in the area of finance;
(f) Auditor appointed by the university;
(g) Registrar;
(h) Finance and Accounts Officer as the Member-Secretary.
(3) The quorum for a meeting of the committee shall be five.
(4) All members of the committee other than ex-officio members shall hold office for a term of five years and shall not be eligible for re-nomination.
(5) The committee shall meet at least four times in a year.
(6) The Finance and Accounts Committee shall,-
(a) examine and consider annual statement of accounts, audited final statement of accounts and Audit Report and its compliance report, and the annual financial estimates to be presented by the Finance and Accounts Officer and recommend the same to the Board of Management for its approval;
(b) examine the progress of expenditure and all new proposals involving fresh expenditure in the light of the provisions available;
(c) recommend to the Board of Management the limits for the total recurring and non-recurring expenditure for the year, based on the income and resources of the university, including the proceeds of loans for productive work;
(d) recommend to the Board of Management productive investment and management of the university assets and resources;
(e) explore the possibilities of, augmenting further the resources for the development of the university;
(f) take necessary steps to have the university accounts audited by auditors appointed by the Board of Management;
(g) advise the Board of Management on matters related to the administration of the property and the funds of the university;
(h) ensure proper implementation of the orders issued by the State Government, from time to time, in respect of funds, assets, and other resources received from the State Government;
(i) advise on financial matters referred to it by the Board of Management, Academic Council or any other authority, body or committee or any officer of the university;
(j) report to the Vice-Chancellor any lapse or irregularity in financial matters which comes to its notice so that he may take suitable prompt actions after assessing the seriousness of the matter or refer it to the Board of Management;
(k) ensure that the annual accounts of the university, is open for audit by the auditors appointed by the Board of Management and the statutory audits of the State Government;
(l) study various reforms for management of financial resources, maintenance of accounts and use of modern technologies to enhance the efficiency in accounts maintenance and audit procedures;
(m) carry out any other functions and tasks relating to finance and accounts, as may be assigned by the university authorities.