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Section 3

The Punjab Municipal Fund Act 2006State Act of Punjab · Act 27 of 2006

(1) There shall be constituted a Fund, to be called the Punjab Municipal Fund, which shall vest in the State Government.

(2) 1[Eleven per cent] of the amount of tax collected, shall be credited direct to the Fund:

Provided that the amount, so credited to the Fund, shall not be less than Rs. 550 crores (Rupees five hundred fifty crores only) per annum or proportion thereof:

Provided further that in the event of the amount credited to the Fund under sub-section (2) falling short of Rs. 550 crores (Rupees five hundred fifty crores only) or a proportion thereof, the State Government shall make it up by giving the amount so failing short as grant-in-aid.

Where this provision sits

ActThe Punjab Municipal Fund Act 2006
Section3
JurisdictionState of Punjab
StatusIn force as published by the source

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