FUNDS OF THE INSTITUTE
The funds of the Institute will consist of the following:
i) Grants from Government of India;
ii) All fees and other charges received by the society;
iii) All money received by the society by way of grants, gifts, donations, benefactions, bequests or transfers; and
iv) All money received by the society in any other manner or from any other source.
All the money credited to the funds shall be deposited in a nationalized bank or invested in such manner as Governing Council may decide.
Funds shall be applied towards meeting the expenses of the society including expenses incurred in the exercise of its powers and discharge of its functions.
All funds shall be paid into the society’s account with the Bank and shall not be withdrawn, except on a cheque signed by the Director or any other officers authorized by the Governing Council or under the bye-laws of the Society.
For the purpose of these Rules and Regulations, a financial year shall be taken to mean the twelve months commencing on the 1st April and ending 31st March of the following calendar year.