Section 14 in The Institute of Teaching and Research in Ayurveda Act, 2020

Title: Payment to Institute.

Description: 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 may be considered necessary for the exercise of its powers and discharge of its functions under this Act.

Title: Fund of Institute.

Description: (1) The 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 utilised towards meeting the expenses of the Institute including expenses incurred in the exercise of its powers and discharge of its duties under section 13.

Title: Budget of Institute.

Description: The Institute shall prepare in such form and at such time every year a budget in respect of the financial year next ensuing showing the estimated receipts and expenditure of the Institute and shall forward to the Central Government such number of copies thereof as may be prescribed.

Title: Accounts and audit.

Description: (1) The Institute shall maintain proper accounts and other relevant records and prepare an annual statement of accounts including the balance-sheet, in such form as the Central Government may prescribe by rules, and in accordance with such general directions as may be issued by that 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 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 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 both the Houses of Parliament.

Title: Annual report.

Description: The Institute shall prepare for every year a report of its activities during that year and submit the report to the Central Government in such form and on or before such date as may be prescribed and a copy of this report shall be laid before both Houses of Parliament within one month of its receipt.

CHAPTER 2 THE INSTITUTE