MRTP Chapter VIII

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Questions and Answers

What is the purpose of the fund maintained by a Regional Board or Development Authority?

To acquire land for personal use
To invest in stock markets
To meet the expenditure incurred in the administration of this Act (correct)
To provide loans to private companies

What are the sources of money credited to the fund of a Regional Board or Development Authority?

Only grants from the State Government
Only donations from NGOs
Only taxes collected from citizens
Grants, loans, advances and fees or charges from various sources (correct)

Where can a Regional Board or Development Authority keep its funds?

In the Reserve Bank of India, State Bank of India or any other approved Bank (correct)
In a foreign bank
In a private bank of its choice
Only in the Reserve Bank of India

What happens to the excess money in the fund of a Regional Board or Development Authority?

It is invested in a manner approved by the State Government (C) Signup and view all the answers

What is the purpose of the expenditure incurred for development of land?

For the development of land in the area of the Authority concerned (D) Signup and view all the answers

Who directs the expenditure for certain purposes?

The State Government (A) Signup and view all the answers

What is the purpose of the fund maintained by a Special Planning Authority?

To meet the expenditure incurred in the administration of this Act (C) Signup and view all the answers

Who can approve the bank where the fund of a Regional Board or Development Authority is kept?

The State Government (B) Signup and view all the answers

Under what condition may the State Government make grants, advances, and loans to the Board or the Authority?

After due appropriation made by the Legislature of the State by law (B) Signup and view all the answers

Who is responsible for auditing the accounts of every Regional Board?

The Chief Auditor, Local Fund Accounts of the State (C) Signup and view all the answers

What is the purpose of the budget prepared by every Regional Board, Special Planning Authority, or Development Authority?

To show the estimated receipts and expenditure of the next year (A) Signup and view all the answers

What is the role of the Chief Auditor in the audit of accounts of every Regional Board?

To have the same right, privilege, and authority in connection with the audit of accounts of the Board as the Chief Auditor has in connection with the accounts of local authorities (A) Signup and view all the answers

What is the purpose of the report prepared by every Regional Board, Special Planning Authority, or Development Authority?

To report the activities of the Board or Authority during the year (A) Signup and view all the answers

Who is responsible for laying the report of the activities of every Regional Board, Special Planning Authority, or Development Authority before the State Legislature?

The State Government (B) Signup and view all the answers

What is the frequency of audit of the accounts of every Regional Board?

Annually (D) Signup and view all the answers

What is the purpose of the accounts of every Regional Board being audited?

To ensure the proper utilization of funds (B) Signup and view all the answers

Who appoints the auditor for the Special Planning Authority and Development Authority?

The State Government (A) Signup and view all the answers

What is the purpose of the State Government laying the report of the activities of every Regional Board, Special Planning Authority, or Development Authority before the State Legislature?

To ensure transparency and accountability (B) Signup and view all the answers

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Study Notes

Financial Management of Regional Boards and Authorities

Every Regional Board, Special Planning Authority, and Development Authority shall have and maintain its own fund, credited with:
- Grants, loans, and advances from the State Government
- Fees and charges received under the Act or rules
- Moneys received from other sources
The fund shall be applied towards:
- Expenditure incurred in the administration of the Act
- Cost of land acquisition for development
- Expenditure for development of land undertaken by the Authority
- Other purposes directed by the State Government
Authorities may keep a current account in the Reserve Bank of India, State Bank of India, or other approved banks, with excess funds invested in a manner approved by the State Government
The State Government may make grants, advances, and loans to the Board or Authority as necessary, with terms and conditions determined by the State Government

Budgeting and Accounts

Regional Boards and Authorities shall prepare a budget every year, showing estimated receipts and expenditure, and submit it to the State Government
Authorities shall maintain proper accounts and other relevant records, and prepare an annual statement of accounts, including a balance sheet, in a prescribed form

Audit and Reporting

The accounts of every Regional Board shall be subject to annual audit by the Chief Auditor, Local Fund Accounts of the State
The audit report, along with the certified accounts, shall be forwarded annually to the State Government
Special Planning Authorities and Development Authorities shall maintain books of accounts and other books in a prescribed form, and their accounts shall be audited by an auditor appointed by the State Government
The authorities shall submit a copy of the audited accounts and report to the State Government, which shall be laid annually before the State Legislature

Reporting and Pension

Every Regional Board and Authority shall prepare an annual report of its activities and submit it to the State Government in a prescribed form
The State Government shall prepare a report of the activities, including accounts, of every Regional Board and Authority, and lay it before the State Legislature
Authorities may constitute a pension or provident fund for the benefit of its members and employees, subject to prescribed rules and conditions

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