(1) The Board shall keep accounts in such manner as may be prescribed of all money received and expended by it.
(2) The accounts shall be kept separately for the general fund and the pool fund.
(3) The Board shall cause the accounts to be audited annually by auditors appointed by the Central Government, and the auditors shall have power to disallow any item of expenditure which has, in their opinion, been incurred otherwise than in accordance with this Act.
(4) The Central Government may on the application of the Board allow any item of expenditure disallowed by the auditors under sub-section (3).
(2) The accounts shall be kept separately for the general fund and the pool fund.
(3) The Board shall cause the accounts to be audited annually by auditors appointed by the Central Government, and the auditors shall have power to disallow any item of expenditure which has, in their opinion, been incurred otherwise than in accordance with this Act.
(4) The Central Government may on the application of the Board allow any item of expenditure disallowed by the auditors under sub-section (3).
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More sections of this act
Section 1 · Short title, extent and duration.Section 2 · Declaration as to expediency of Union control.Section 3 · Definitions.Section 4 · Constitution of the Board.Section 5 · Incorporation of the Board.Section 6 · Vesting of property in the Board.Section 6A · Consultation with the Board.Section 7 · Committees, staff and agents.India Code, Government of India. Text fetched 20 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.