(1) The Planning Authority shall have and maintain its own fund to which shall be credited, --
(a) all moneys received by the Planning Authority from the Government by way of grants, loans, advances, or otherwise:
(b) all Development Charge or other charges or fees received by the Planning Authority under this Act or rules or regulations thereunder;
(c) all moneys received by the Planning Authority from any other source.
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(2) The funds shall be applied towards meeting –
(a) the expenditure incurred in the administration of this Act;
(b) the cost of acquisition of land in the Planning area for the purposes of development;
(c) the expenditure for any development of land in the planning area; and
(d) the expenditure for such other purposes as the Government may direct.
(3) The Planning Authority may keep in current account of the State Bank of India or any other Bank approved by the Government in this behalf such sum of money out of its funds as may be prescribed by the rules and any money in excess of the said sum shall be invested in such manner as may be approved by the Government.
(4) The Government may make such grants, advances and loans to the Planning Authority as it may deem necessary for the performance of the functions under this Act, and all grants, loans and advances made shall be on such terms and conditions as the Government may determine.
Budget of the Planning Authority
58. Every Planning Authority shall prepare in such form and at such time every year as may be prescribed, a budget in respect of the financial year next ensuing, showing the estimated receipts and expenditure of the Planning Authority in respect of the administration of this Act and shall forward to the Government and the Board, such number of copies thereof as may be prescribed.
Accounts and Audit