The Khadi and Industries Commission Act, 1956
18. Funds of the Commission.
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3*[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,--
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to the khadi fund, all sums
received by the Commission for the purpose relating to khadi;
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to the village industries fund, all
sums received by the Commission for the purposes relating to village industries
and products of handicrafts;
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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 of 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),--
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to the khadi fund, shall be
applied for the purposes relating to khadi;
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to the village industries fund, shall
be applied for the purposes relating to village industries and products of
handicrafts;
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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.]
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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.
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