Section 18   [ View Judgements ]

Funds of the Commission


[1] [(1) The Commission shall have three separate funds to be called the khadi fund, the village industries fund and the general and miscellaneous fund.



(1A) There shall be credited,-



(a) to the khadi fund, all sums received by the Commission for the purposes relating to khadi.



(b) to the village industries fund, all sums received by the Commission for the purposes relating to village industries and products of handicrafts;



(c) to the general and miscellaneous fund, all other sums received by the Commission:



Provided that if the amount available in any of the said funds is in excess 6f the requirements of that fund and the amount available in any other of the said funds is insufficient to meet the requirements of that fund, the Commission may, with the previous approval of the Central Government, transfer from the first mentioned fund the excess amount or such part thereof as may be necessary to the other fund.



Explanation.- For the purpose of computing the amount in any of the said funds, the amount received under Section 17A shall not be taken into account.



(1B) The sums credited under sub-section (1),-



(a) to the khadi fund, shall be applied for the purposes relating to khadi;



(b) to the village industries fund, shall be applied for the purposes relating to village industries and products of handicrafts;



(c) to the general and miscellaneous fund, shall be applied for the purposes relating to khadi and village industries and for meeting the salary, allowances and other remuneration of the members, officers and other employees of the Commission and other administrative expenses of the Commission.]



(2) Except as otherwise directed by the Central Government, all moneys belonging to such funds shall be deposited in the Reserve Bank of India or with the agents of the Reserve Bank of India, or, where there is neither an office of the Reserve Bank of India nor an agent of the Reserve Bank of India, in a Government Treasury, or be invested in such securities as may be approved by the Central Government.

FOOTNOTES:

1. Substituted by Khadi and Village Industries Commission (Amdt.) Act (12 of 1987), Section 11 (1-4-88).



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