(1) The Finance and Accounts Officer shall be the principal finance, accounts and audit officer of the university. He shall be a full-time salaried officer and shall work directly under the superintendence, direction and control of the Vice-Chancellor.
(2) The Finance and Accounts Officer shall be appointed by the Vice-Chancellor on the recommendation of the Selection Committee constituted for the purpose under this Act, who shall be a Chartered Accountant or a Cost Accountant, with professional experience of not less than five years or by deputation from the Maharashtra Finance and Accounts Services not below the rank of Deputy Director.
(3) The appointment of the Finance and Accounts Officer shall be for a term of five years or till he attains age of superannuation, whichever is earlier.
(4) The Finance and Accounts Officer shall,-
(a) exercise general supervision over the funds of the university and advise the Vice-Chancellor as regards the finances of the university;
(b) hold and manage the funds, property and investments, including trust and endowed property, for furthering the objects of the university with the approval of the Vice-Chancellor;
(c) ensure that the limits fixed by the university for recurring and non-recurring expenditure for a year are not exceeded, and that all allocations are expended for the purposes for which they are granted or allotted;
(d) keep watch on the state of the cash and bank balances and investments;
(e) ensure effective revenue management by keeping watch on the process and progress of collection of revenue and advise the Vice-Chancellor on the methods to be employed in this regard;
(f) perform the duties under clauses (a) to (e) as per the Maharashtra Public Universities Account Code;
(g) get the accounts of the university audited, regularly;
(h) ensure that the registers of buildings, land, equipment, machinery and other assets are maintained up-to-date and that the physical verification and reconciliation of these assets and other consumable material in all offices, workshops and stores of the university are conducted regularly;
(i) propose to the Vice-Chancellor that explanation may be called for unauthorized expenditure or other financial irregularities from any academic member or non-vacation academic staff or an officer of the university of the rank of the Assistant Registrar or equivalent and above;
(j) propose to the Registrar that explanation may be called from any non-academic member of the university, other than the teacher, non-vacational academic staff and an officer of the university below the rank of Assistant Registrar or equivalent, for unauthorized expenditure or irregularities in any particular case, and recommend disciplinary action against the persons in default;
(k) call for, from any office, centre, laboratory or department of the university, any information and returns that he thinks necessary for the proper discharge of his financial responsibilities;
(l) maintain the minutes of the meetings of the Finance and Accounts Committee;
(m) be responsible for preparation and maintenance of accounts either by following double entry accounting system, on accrual basis, presenting the annual financial estimates (budget), statement of accounts and audit reports, to the Finance and Accounts Committee and to the Board of Management;
(n) prepare financial reports as required by the various authorities or bodies of the university, the State Government, the Central Government, University Grants Commission and All India Council for Technical Education and any such body providing funds to the university;
(o) exercise such other powers and perform such other duties, as may be prescribed by or under this Act or assigned to him by the Vice-Chancellor, from time to time.
(2) The Finance and Accounts Officer shall be appointed by the Vice-Chancellor on the recommendation of the Selection Committee constituted for the purpose under this Act, who shall be a Chartered Accountant or a Cost Accountant, with professional experience of not less than five years or by deputation from the Maharashtra Finance and Accounts Services not below the rank of Deputy Director.
(3) The appointment of the Finance and Accounts Officer shall be for a term of five years or till he attains age of superannuation, whichever is earlier.
(4) The Finance and Accounts Officer shall,-
(a) exercise general supervision over the funds of the university and advise the Vice-Chancellor as regards the finances of the university;
(b) hold and manage the funds, property and investments, including trust and endowed property, for furthering the objects of the university with the approval of the Vice-Chancellor;
(c) ensure that the limits fixed by the university for recurring and non-recurring expenditure for a year are not exceeded, and that all allocations are expended for the purposes for which they are granted or allotted;
(d) keep watch on the state of the cash and bank balances and investments;
(e) ensure effective revenue management by keeping watch on the process and progress of collection of revenue and advise the Vice-Chancellor on the methods to be employed in this regard;
(f) perform the duties under clauses (a) to (e) as per the Maharashtra Public Universities Account Code;
(g) get the accounts of the university audited, regularly;
(h) ensure that the registers of buildings, land, equipment, machinery and other assets are maintained up-to-date and that the physical verification and reconciliation of these assets and other consumable material in all offices, workshops and stores of the university are conducted regularly;
(i) propose to the Vice-Chancellor that explanation may be called for unauthorized expenditure or other financial irregularities from any academic member or non-vacation academic staff or an officer of the university of the rank of the Assistant Registrar or equivalent and above;
(j) propose to the Registrar that explanation may be called from any non-academic member of the university, other than the teacher, non-vacational academic staff and an officer of the university below the rank of Assistant Registrar or equivalent, for unauthorized expenditure or irregularities in any particular case, and recommend disciplinary action against the persons in default;
(k) call for, from any office, centre, laboratory or department of the university, any information and returns that he thinks necessary for the proper discharge of his financial responsibilities;
(l) maintain the minutes of the meetings of the Finance and Accounts Committee;
(m) be responsible for preparation and maintenance of accounts either by following double entry accounting system, on accrual basis, presenting the annual financial estimates (budget), statement of accounts and audit reports, to the Finance and Accounts Committee and to the Board of Management;
(n) prepare financial reports as required by the various authorities or bodies of the university, the State Government, the Central Government, University Grants Commission and All India Council for Technical Education and any such body providing funds to the university;
(o) exercise such other powers and perform such other duties, as may be prescribed by or under this Act or assigned to him by the Vice-Chancellor, from time to time.
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More sections of this act
Section 1 · Short title and commencement.Section 2 · Definitions.Section 3 · Establishment of university.Section 4 · Objects of university.Section 5 · Powers and duties of university.Section 6 · University open to all.Section 7 · Control of State Government on university.Section 8 · Chancellor and his powers.India Code, Government of India. Text fetched 10 Oct 2026. Source metadata reports last modification: 2025-08-25. Check the linked official text and subsequent notifications when applying a provision.