(1) There shall be a Finance and Accounts Committee to plan, coordinate and oversee the financial operations of the university. It shall examine the accounts, the progress of expenditure and all new proposals involving fresh expenditure in the light of the provisions available.
(2) The Finance and Accounts Committee shall consist of the following members, namely :-
(a) the Vice-Chancellor - Chairperson;
(b) the Pro-Vice-Chancellor;
(c) the Director of Accounts and Treasuries or his representative, not below the rank of Deputy Director of Accounts and Treasuries;
(d) the Chancellor's nominee from the Management Council;
(e) one person from the Academic Council, nominated by the Vice-Chancellor;
(f) two experts nominated by the Management Council, one of whom shall be a Chartered Accountant who is an expert in the field of accounting and auditing and the other shall be an expert in the area of finance;
(g) the Registrar;
(h) the Finance and Accounts Officer - Member-Secretary.
(3) The quorum for a meeting of the committee shall be four.
(4) All members of the committee other than ex-officio members shall hold office for a term of five years and shall not be eligible for a second consecutive term.
(5) The committee shall meet at least four times in a year.
(6) The Finance and Accounts Committee shall,-
(a) examine and consider Annual Statement of Accounts, Audited final statement of accounts and Audit Report and its compliance report, and the annual financial estimates to be presented by the Finance and Accounts Officer and recommend the same to the Management Council and thereafter to the Senate for Approval;
(b) examine the progress of expenditure and all new proposals involving fresh expenditure in the light of the provisions available;
(c) recommend to the Management Council the limits for the total recurring and nonrecurring expenditure for the year, based on the income and resources of the university, including the proceeds of loans for productive work;
(d) recommend to the Management Council productive investment and management of university assets and resources;
(e) explore the possibilities of, augmenting further the resources for the development of the university;
(f) take necessary steps to have the university accounts audited by auditors appointed by the Management Council;
(g) advise the Management Council on matters related to the administration of the property and the funds of the university;
(h) ensure proper implementation of the orders issued by the State Government from time to time, in respect of funds, assets, and other resources received from the State Government;
(i) advise on financial matters referred to it by the Management Council, Academic Council or any other authority, body or committee or any officer of the university;
(j) report to the Vice-Chancellor any lapse or irregularity in financial matters which comes to its notice so that he may take suitable prompt actions after assessing the seriousness of the matter or refer it to the Management Council;
(k) ensure that the annual accounts of the university, colleges and institutions are open for audit by the auditors appointed by the State Government;
(l) study various reforms suggested by the Commission for management of financial resources, maintenance of accounts and use of modern technologies to enhance the efficiency in accounts maintenance and audit procedures;
(m) carry out any other functions and tasks as may be assigned by the university authorities.
(2) The Finance and Accounts Committee shall consist of the following members, namely :-
(a) the Vice-Chancellor - Chairperson;
(b) the Pro-Vice-Chancellor;
(c) the Director of Accounts and Treasuries or his representative, not below the rank of Deputy Director of Accounts and Treasuries;
(d) the Chancellor's nominee from the Management Council;
(e) one person from the Academic Council, nominated by the Vice-Chancellor;
(f) two experts nominated by the Management Council, one of whom shall be a Chartered Accountant who is an expert in the field of accounting and auditing and the other shall be an expert in the area of finance;
(g) the Registrar;
(h) the Finance and Accounts Officer - Member-Secretary.
(3) The quorum for a meeting of the committee shall be four.
(4) All members of the committee other than ex-officio members shall hold office for a term of five years and shall not be eligible for a second consecutive term.
(5) The committee shall meet at least four times in a year.
(6) The Finance and Accounts Committee shall,-
(a) examine and consider Annual Statement of Accounts, Audited final statement of accounts and Audit Report and its compliance report, and the annual financial estimates to be presented by the Finance and Accounts Officer and recommend the same to the Management Council and thereafter to the Senate for Approval;
(b) examine the progress of expenditure and all new proposals involving fresh expenditure in the light of the provisions available;
(c) recommend to the Management Council the limits for the total recurring and nonrecurring expenditure for the year, based on the income and resources of the university, including the proceeds of loans for productive work;
(d) recommend to the Management Council productive investment and management of university assets and resources;
(e) explore the possibilities of, augmenting further the resources for the development of the university;
(f) take necessary steps to have the university accounts audited by auditors appointed by the Management Council;
(g) advise the Management Council on matters related to the administration of the property and the funds of the university;
(h) ensure proper implementation of the orders issued by the State Government from time to time, in respect of funds, assets, and other resources received from the State Government;
(i) advise on financial matters referred to it by the Management Council, Academic Council or any other authority, body or committee or any officer of the university;
(j) report to the Vice-Chancellor any lapse or irregularity in financial matters which comes to its notice so that he may take suitable prompt actions after assessing the seriousness of the matter or refer it to the Management Council;
(k) ensure that the annual accounts of the university, colleges and institutions are open for audit by the auditors appointed by the State Government;
(l) study various reforms suggested by the Commission for management of financial resources, maintenance of accounts and use of modern technologies to enhance the efficiency in accounts maintenance and audit procedures;
(m) carry out any other functions and tasks as may be assigned by the university authorities.
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More sections of this act
Section 1 · Short title and commencement.Section 2 · Definitions.Section 3 · Incorporation of universities.Section 4 · Object of university.Section 5 · Powers and duties of university.Section 6 · Jurisdiction and admission to privileges of university.Section 7 · University open to all irrespective of sex, race, creed, class, caste, place of birth, religion, or opinion.Section 8 · Control of State Government on universities.India Code, Government of India. Text fetched 23 Oct 2026. Source metadata reports last modification: 2025-02-20. Check the linked official text and subsequent notifications when applying a provision.