Section 34 in The Special Economic Zones Act, 2005

Title: Functions of Authority

Description: (1) Subject to the provisions of this Act, it shall be the duty of each Authority to undertake such measures as it thinks fit for the development, operation and management of the Special Economic Zone for which it is constituted. (2) Without prejudice to the generality of the provisions of sub-section (1), the measures referred to therein may provide for— (a) the development of infrastructure in the Special Economic Zone; (b) promoting exports from the Special Economic Zone; (c) reviewing the functioning and performance of the Special Economic Zone; (d) levy user or service charges or fees or rent for the use of properties belonging to the Authority; (e) performing such other functions as may be prescribed.

Title: Grants and loans by Central Government

Description: The Central Government may, after due appropriation made by Parliament by law in this behalf, make to every Authority by way of grants and loans or such sums of money as that Government may think fit for being utilised for the purposes of this Act.

Title: Constitution of Fund and its application

Description: (1) There shall be established by every Authority a Fund to be called the.......... (the name of the Special Economic Zone concerned) Authority Fund and there shall be credited thereto— (a) all sums of money, which the Central Government may, after due appropriation made by Parliament by law in this behalf, provide to the Authority; (b) all grants or loans that may be made to the Authority under this Act; (c) all sums received on account of user or service charges or fees or rent for the use of properties belonging to the Authority; (d) all sums received by the Authority from such other sources as may be decided upon by the Central Government. (2) The Fund shall be applied for meeting— (a) the salaries, allowances and other remuneration of the members, officers and other employees of the Authority; (b) the expenses of the Authority in the discharge of its functions under section 34; (c) the repayment of any loan; (d) the expenses on objects and for purposes authorised by this Act; (e) any other administrative expenses of the Authority.

Title: Accounts and audit

Description: (1) Every Authority shall maintain proper accounts and other relevant records and prepare an annual statement of accounts 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 every Authority 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 Authority to the Comptroller and Auditor-General of India. (3) The Comptroller and Auditor-General of India or any person appointed by him in connection with the audit of the accounts of the Authority shall have the same rights and privileges and authority in connection with such audit as the Comptroller and Auditor-General of India generally has in connection with the audit of the 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 Authority. (4) The accounts of every Authority 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 the Central Government shall cause the same to be laid before each House of Parliament.

Title: Directions by Central Government

Description: Every Authority shall be bound to carry out such directions as may be issued to it from time to time by the Central Government for the efficient administration of this Act.