Repealed vide Gazette Notification No.26 dated June 2,2006

15.

16.

The Central Government may, after due appropriation made by Parliament by law in this behalf, pay to the Authority by way of grants or loans such sums of money as the Central Government may consider necessary,

17.

1

There shall be formed a Fund to be called the Marine Products Export Development Fund and there shall be credited thereto-

(a)

the proceeds of the cess made over to the Authority by the Central Government;

(b)

all fees levied and collected in respect of registration made under this Act.

(c)

any other fee that may be levied and collected by the Authority under this Act or the rules made thereunder,

(d)

any grants or loans that may be made by the Central Government for the purposes of this Act;

any grants or loans that may be made by any institution for the purposes of this Act: and

all sums realised by the Authority in carrying the measures referred to in Section 9.

2

The fund shall be applied.

a.

for meeting the salaries, allowances and other remuneration of the officers and other employee of the Authority.

b.

for meeting the other administrative expenses of the Authority.

c.

for meeting the cost of the measures referred to in Section 9; and

d.

for repayment of any loans from the Central Government or from any institution.

18.

Subject to such rules as may be made in this behalf, the Authority shall have power to borrow on the security of the Marine Products Export Development fund or any other asset for carrying out the purpose of this Act.

Borrowing powers of the Authority

19.

(1)

The Authority shall maintain proper accounts and other relevant records and prepare annual statement of accounts, including the profit and loss account and the balance-sheet in such form as may be prescribed by the Central Government in consultation with the Comptroller and Auditor-General of India.

Accounts and audit

(2)

The accounts of the authority, shall be audited by the Comptroller and Auditor-general of India at such intervals as may be specified by him and any expenditure incurred in connection with such audit shall be payable by the Authority to the Comptroller and Auditor-General.

(3)

The Comptroller and Auditor-General of India and any person appointed by him in connection with the audit of the accounts of the authority shall have the same rights and privileges and authority in connection with such audit as the comptroller and Auditor-General has in connection with the audit of Government accounts, and, in particular shall have the right to demand the production of books, accounts connected vouchers and other documents and papers and to inspect any of the offices of the Authority.

(4)

The accounts of the Authority as certified by the Comptroller and Auditor-General of India or any other person appointed by him in this behalf together with the audit report thereof shall be forwarded annually to the Central Government and that Government shall cause the same to be laid before each House of Parliament.

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