Section 22 in The National Institutes of Design Act, 2014

Title: Grants by Central Government.

Description: For the purpose of 1[enabling an Institute] 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 Institute in each financial year such sums of money and in such manner as it may think fit. 1. Subs. by s. 18, ibid., for "enabling the Institute" (w.e.f. 13-1-2020).

Title: Fund of Institute.

Description: (1) 1[Every Institute] shall maintain a Fund to which shall be credited— (a) all moneys provided by the Central Government; (b) all fees and other charges received by the Institute; (c) all moneys received by the Institute by way of grants, gifts, donations, benefactions, bequests or transfers; and (d) all moneys received by the Institute in any other manner or from any other source. (2) All moneys credited to the Fund shall be deposited in such banks or invested in such manner as the Institute may, with the approval of the Central Government, decide. (3) The Fund shall be applied towards meeting the expenses of the Institute including expenses incurred in the exercise of its powers and discharge of its duties under this Act. 1. Subs. by s. 19, ibid., for "The Institute" (w.e.f. 13-1-2020).

Title: Setting up of Endowment Fund.

Description: Notwithstanding anything contained in section 23, the Central Government may direct 1[any Institute] to— (a) set up an Endowment Fund and any other Fund for specified purpose; and (b) transfer money from its Fund to Endowment Fund or any other Fund. 1. Subs. by s. 20, ibid., for "the Institute" (w.e.f. 13-1-2020).

Title: Accounts and audit.

Description: (1) 1[Every Institute] 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 prescribed, 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 Institute shall be audited by the Comptroller and Auditor-General of India and any expenditure incurred by him in connection with such audit shall be payable by the Institute to the Comptroller and Auditor-General of India. (3) The Comptroller and Auditor-General of India and any person appointed by him in connection with the audit of the accounts of the Institute shall have the same rights, 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 Institute. (4) The accounts of the Institute 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. 1. Subs. by s. 21, ibid., for "The Institute" (w.e.f. 13-1-2020).

Title: Pension and provident fund.

Description: (1) 1[Every Institute] shall constitute, for the benefit of its employees, including the Director, such pension, insurance and provident funds as it may deem fit, in such manner and subject to such conditions as may be laid down in the Statutes. (2) Where any provident fund has been constituted under sub-section (1), the Central Government may declare that the provisions of the Provident Funds Act, 1925 (19 of 1925) shall apply to such fund as if it were a Government provident fund. 1. Subs. by Act 38 of 2019, s. 22, for "The Institute" (w.e.f. 13-1-2020).

CHAPTER 2 THE INSTITUTE