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| Home > Indian Bare Acts > THE CONSERVATION OF FOREIGN EXCHANGE AND PREVENTION OF SMUGGLING ACTIVITIES ACT, 1974 > CHAPTER IV FINANCE, ACCOUNTS AND AUDIT |
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| THE CONSERVATION OF FOREIGN EXCHANGE AND PREVENTION OF SMUGGLING ACTIVITIES ACT, 1974 |
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Title : THE CONSERVATION OF FOREIGN EXCHANGE AND PREVENTION OF SMUGGLING ACTIVITIES ACT, 1974
Year : 1974
Act :
CHAPTER IV
FINANCE, ACCOUNTS AND AUDIT
16.Grants and loans by the Central Government.
16. Grants and loans by the Central Government. The Central
Government may, after due appropriation made by Parliament by law in this behalf, pay to the Board by way of grants or loans such sums of money as the Central Government may think fit for being utilised for the purposes of this Act.
17.Constitution of the Tobacco Fund.
17. Constitution of the Tobacco Fund. (1) There shall be formed a
Fund to be called the Tobacco Fund and there shall be credited thereto--
(a) the fees levied and collected under this Act or the rules made thereunder;
(b) any sums of money paid or any loans granted by the
Central Government for the purposes of this Act;
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1. Subs. by Act 57 of 1985, s. 7 (w.e.f. 1.12.1985).
2. Ins. by Act 36 of 1978, s. 5.391.(c) any grants or loans that may be made by any person for the purposes of this Act;
(d) the sums, if any, realised by the Board in carrying out the measures referred to in section 8.(2) The Fund shall be applied--
(a) for meeting the cost of the measures referred to in section 8;
(b) for meeting the salaries, allowances and other remuneration of the officers and other employees of the
Board;
(c) for meeting the other administrative expenses of the
Board;
(d) for repayment of any loans.
18.Borrowing powers of the Board.
18. Borrowing powers of the Board. Subject to such rules as may be made in this behalf, the Board shall have the power to borrow on the security of the Tobacco Fund or any other asset for carrying out the purposes of this Act.
18A.
Writing off of losses.
1*[18A. Writing off of losses. Subject to such conditions as may be specified by the Central Government, where the Board is of opinion that any amount due to, or any loss, whether of money or of property, incurred by, the Board is irrecoverable, the Board may, with the previous approval of the Central Government, sanction the writing off finally of the said amount or loss:
Provided that no such approval of the Central Government shall be necessary where such irrecoverable amount or loss does not exceed in any individual case and in the aggregate in any year such amounts as may be prescribed.]
19.Accounts and audit.
19. Accounts and audit. (1) The Board shall maintain proper accounts and other relevant records and prepare an annual statement of accounts, including the 2*[income and expenditure account] and the balance-sheet in such form as may be prescribed by the Central
Government in consultation with the Comptroller and Auditor-General of
India.
(2) The accounts of the Board shall be audited by the Comptroller and Auditor-General of India at such intervals as may be specified by him and any expenditure incurred in connection with such audit shall be payable by the Board to the Comptroller and Auditor-General.
(3) The Comptroller and Auditor-General of India and any person appointed by him in connection with the audit of the accounts of the
Board shall have the same rights and privileges and authority in connection with such audit as the Comptroller and Auditor-General has in connection with the audit of Government accounts and, in particular, shall have the right to demand the production of books, accounts, connected vouchers and other documents and papers and to inspect any of the offices of the Board.
(4) The accounts of the Board as certified by the Comptroller and
Auditor-General of India or any other person appointed by him in this behalf together with the audit report thereon shall be forwarded annually to the Central Government and that Government shall cause the same to be laid before each House of Parliament.
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1. Ins. by Act 57 of 1985, s. 8 (w.e.f. 1.12.1985).
2. Subs. by s. 9, ibid. (w.e.f. 1.12.1985).
392.CHAP
CONTROL BY CENTRAL GOVERNMENT
Last updated on February, 2008
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