Section 10 in The Science and Engineering Research Board Act, 2008
Title: Fund for Science and Engineering Research.
(1) There shall be constituted a Fund to be called the Fund for Science and Engineering Research and there shall be credited to the Fund—
(a) any grants and loans made to the Board by the Central Government under section 9;
(b) all sums received by the Board including donations from any other source;
(c) recoveries made of the amounts granted from the Fund; and
(d) any income from investment of the amount of the Fund.
(2) The Fund shall be applied for meeting—
(a) expenses on the object and for the purposes authorised by this Act;
(b) salaries, allowances and other expenses of the members, officers and other employees of the Board;
(c) remunerations of the consultants and visiting scientists; and
(d) expenses of the Board in the discharge of its functions under this Act.
The Board shall prepare, in such form and at such time in each financial year, as may be prescribed, its budget for the next financial year, showing the estimated receipts and expenditure of the Board and forward the same to the Central Government.
Title: Annual report.
The Board shall prepare, in such form and at such time in each financial year, as may be prescribed, its annual report, giving a full account of its activities during the previous financial year, and submit a copy thereof to the Central Government.
Title: Accounts and audit.
(1) The Board 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 Comptroller and Auditor-General of India or any other person appointed by him in connection with the auditing of the accounts of the Board under this Act shall have the same rights and privileges and the authority in connection with such audit as the Comptroller and Auditor-General of India has in connection with the auditing 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 office of the Board under this Act.
(3) The accounts of the Board shall be audited by the Comptroller and Auditor-General of India annually and any expenditure incurred in connection with such audit shall be payable by the Board to the Comptroller and Auditor-General.
(4) The Board shall furnish to the Central Government, before such date as may be prescribed, its audited copy of accounts together with auditor's report.
Title: Annual report and auditor's report to be laid before Parliament
The Central Government shall cause the annual report and auditor's report to be laid, as soon as may be after they are received, before each House of Parliament.