(1) The university shall establish the following funds, namely :-
(a) general fund;
(b) salary fund,-
(i) for all teaching and non-teaching posts created and approved by the State Government;
(ii) for all teaching and non-teaching posts, created by the university separately;
(c) trust fund;
(d) development and programme fund;
(e) contingency fund;
(f) any other fund which, in the opinion of the university, is deemed necessary to establish.
(2) The following shall form part of, or be paid into, the general fund,-
(a) non-salary contribution or grants, received from the State Government or Central Government or University Grants Commission or any other Central or State authority or Central or State body;
(b) all incomes of the university from any source whatsoever, including income from fees, other fees and charges;
(c) any sums borrowed from the banks or any other agency, with the permission of the Board of Management;
(d) sums received from any other source or agency.
(3) The salary fund mentioned in sub-clause (i) of clause (b) of sub-section (1) shall consist of all amounts received from the State Government for all of its sanctioned posts of both teaching and non-teaching staff, Central Government or University Grants Commission (UGC), or any other Central or State authority or Central or State body, towards full or part payment of the salary and allowances. Amount from this fund shall be utilized only for the purpose mentioned in sub-clause (i) of clause (b) of sub-section (1).
(4) The salary fund mentioned in sub-clause (ii) of clause (b) of sub-section (1) shall consist of all amounts, appropriated by the university from its own resources towards full or part payment of the salary and allowances for all teaching and non-teaching posts, created by the university separately. Amount from this fund shall be utilized only for the purpose mentioned in sub-clause (ii) of clause (b) of sub-section (1).
(5) All contributions, income or moneys from trusts, societies, bequests, donations, Corporate Social Responsibility (CSR), endowments, subventions and similar grants shall form part of the trust fund.
(6) (a) The development and programme fund of the university shall consist of all infrastructure development grants received from the State Government, all contributions made by the University Grants Commission for development and research grants received from other funding agencies of the Central Government, United Nations and its affiliates, other international agencies, industry, banks and financial institutions or any person or institution;
(b) no amount from this fund shall be appropriated to any other fund of the university or expended for any other purpose;
(c) the development and programme fund shall be utilized in the manner consistent with the object of the programme and as per guidelines of the funding agency on expenditure and audit, to be granted and approved by the Board of Management.
(7) The university shall have and maintain a contingency fund under a separate head of the university accounts which shall be used only for the purpose of meeting any unforeseen expenditure.
(8) Surplus money at the credit of these funds, including accruals thereto, which cannot immediately or at any early date be applied for the purposes aforesaid shall, from time to time, be deposited in the Nationalized Banks.
(a) general fund;
(b) salary fund,-
(i) for all teaching and non-teaching posts created and approved by the State Government;
(ii) for all teaching and non-teaching posts, created by the university separately;
(c) trust fund;
(d) development and programme fund;
(e) contingency fund;
(f) any other fund which, in the opinion of the university, is deemed necessary to establish.
(2) The following shall form part of, or be paid into, the general fund,-
(a) non-salary contribution or grants, received from the State Government or Central Government or University Grants Commission or any other Central or State authority or Central or State body;
(b) all incomes of the university from any source whatsoever, including income from fees, other fees and charges;
(c) any sums borrowed from the banks or any other agency, with the permission of the Board of Management;
(d) sums received from any other source or agency.
(3) The salary fund mentioned in sub-clause (i) of clause (b) of sub-section (1) shall consist of all amounts received from the State Government for all of its sanctioned posts of both teaching and non-teaching staff, Central Government or University Grants Commission (UGC), or any other Central or State authority or Central or State body, towards full or part payment of the salary and allowances. Amount from this fund shall be utilized only for the purpose mentioned in sub-clause (i) of clause (b) of sub-section (1).
(4) The salary fund mentioned in sub-clause (ii) of clause (b) of sub-section (1) shall consist of all amounts, appropriated by the university from its own resources towards full or part payment of the salary and allowances for all teaching and non-teaching posts, created by the university separately. Amount from this fund shall be utilized only for the purpose mentioned in sub-clause (ii) of clause (b) of sub-section (1).
(5) All contributions, income or moneys from trusts, societies, bequests, donations, Corporate Social Responsibility (CSR), endowments, subventions and similar grants shall form part of the trust fund.
(6) (a) The development and programme fund of the university shall consist of all infrastructure development grants received from the State Government, all contributions made by the University Grants Commission for development and research grants received from other funding agencies of the Central Government, United Nations and its affiliates, other international agencies, industry, banks and financial institutions or any person or institution;
(b) no amount from this fund shall be appropriated to any other fund of the university or expended for any other purpose;
(c) the development and programme fund shall be utilized in the manner consistent with the object of the programme and as per guidelines of the funding agency on expenditure and audit, to be granted and approved by the Board of Management.
(7) The university shall have and maintain a contingency fund under a separate head of the university accounts which shall be used only for the purpose of meeting any unforeseen expenditure.
(8) Surplus money at the credit of these funds, including accruals thereto, which cannot immediately or at any early date be applied for the purposes aforesaid shall, from time to time, be deposited in the Nationalized Banks.
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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.