For the purpose of enabling the Board to discharge its functions efficiently under this Act, the Central Government may, after due appropriation made by Parliament by law in this behalf, pay to the Board in each financial year such sums of money as that Government considers necessary by way of grant, loan or otherwise.
(1) The Board shall maintain a Fund to which shall be credited-
(a) All moneys paid to it by the Central Government;
(b) Such sums of money as the State Government may pay annually for specified purposes;
(c) All fees and other charges levied by it under this Act;
(d) All moneys received by the Board by way of grant, gift,donation, benefaction, bequest, subscription, contribution or transfer;
(e) All other moneys received by the Board in any other manner or from any other source.
(2) The Board may expend such sums as it thinks fit for performing its functions under this Act and such sums shall be treated as expenditure payable out of the Fund.
(3) A sum of money, not exceeding such sum as may be specified by regulations made under this Act, shall be kept in current account with any nationalised bank, or any other scheduled or other bank approved by the Central Government in this behalf, but any moneys in excess of that sum shall be deposited in the Reserve Bank of India or with the agents of the Reserve Bank of India or invested in such manner as may be generally or specially approved by the Central Government.
Explanation.-In this sub-section,-
(a) "Nationalised bank" means a corresponding new bank as defined in the Banking companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970)
(b) "Scheduled bank" means a bank included for the time being in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934).
(1) The Board shall, by such date in each financial year as may be specified by the Central Government, submit to it for approval a budget for the next financial year in the form specified by that Government, showing therein the estimated receipts and expenditure, and the sums which would be required from the Central Government during that financial year.
(2) The budget for a financial year, as approved by the Central Government for any financial year, shall be the budget of the library for that financial year.
(3) If any sum granted by the Central Government to the library for any financial year remains wholly or partly unspent in that financial year, the unspent sum may be carried forward to the next financial year and taken into account in determining the sum to be provided for by the Central Government for that year.
(4) Subject to the provisions of sub-section (5), no sum shall be expended by or on behalf of the Board, unless the expenditure is covered by provision in the budget approved by the Central Government.
(5) Subject to such conditions and restrictions as the Central Government may think fit to impose, the Board may sanction any re-appropriation from one head of expenditure to another or from a provision made for one purpose to that for another purpose.
(1) The Board shall maintain proper accounts and other relevant records and prepare an annual statement of accounts, including the balance-sheet in such form as may be specified, in accordance with such general directions as may be issued by the Central Government in consultation with the Comptroller and Auditor- General of India.
(2) The accounts of the Board shall be audited annually by the Comptroller and Auditor-General of India or any officer authorised by him in this behalf, and any expenditure incurred by him in connection with such audit shall be payable by the Board to the Comptroller and Auditor-General of India.
(3) The Comptroller and Auditor-General of India and any person authorised by him in connection with the audit of the accounts of the Board shall have the same rights, privileges and authority in connection with such audit as the Comptroller and Auditor-General of India 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 the office of the Board, and the library.
(4) The accounts of the Board, as certified by the Comptroller and Auditor-General of India or any other person authorised by him in this behalf, together with the audit report thereon, shall be forwarded annually to the Central Government and that Government shall, as soon as may be after the receipt thereof, cause the same to be laid before each House of Parliament.
(1) The Board shall furnish to the Central Government, at such time and in such form and in such manner as the Central Government may direct, such returns, statements and particulars as the Central Government may, from time to time, require.
(2) Without prejudice to the provisions of sub-section (1), the Board shall, as soon as possible after the commencement of each financial year, submit to the Central Government, within such time as may be specified by the Central Government, a report giving true and full account of the activities of the Board during the previous financial year and an account of activities likely to be undertaken during the current financial year.
This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Persons accessing this site are encouraged to seek independent counsel for advice in India abroad regarding their individual legal, civil criminal issues or consult one of the experts online.