(1) The Board shall maintain accounts of all receipts and expenditure relating to each year.
(2) The audited statements of receipts and expenditure together with the auditor's report thereon shall be submitted to the Central Government as soon as possible after the close of the year.
(3) An abstract of receipts and expenditure shall be published in the Gazette of India.
(4) The accounts of receipts shall be shown under the following heads:—-
(a) moneys received under Section 26 of the Act;
(b) fees realised on account of licences, permits etc. issued;
(c) any other moneys received by the Board;
(d) interest received from investment of such moneys as aforesaid.
(5) The total receipts only shall be shown under each of the heads specified in sub-rule (4) and the opening balance, if any, shall also be stated,
(6) Expenditure incurred in the year shall be shown under separate heads and sub-heads.
(7) The closing balance of the year shall be shown at the foot of the accounts on the expenditure side:
Provided an annual picfopna account on accrual basis shall also be prepared for bringing out assets and liabilities as well as the details of reserves and investments.
SEC. 3] THE GAZETTE OF INDIA EXTRAORDINARY 421