Amendment status not verified — confirm the current text below against the official source.
Urban Transport Fund.- (1)There shall be constituted a Fund called the Urban Transport Fund which shall consist of,- (a) Urban Transport Cess collected under the Act; (b) All grants received from the State Government and Central Government, if any; and (c) Any other receipts, interest or any other form of income to this fund. (2) The Urban Transport Fund shall be utilized for,- (a) co-ordinated planning, projects formulation and implementation relating to urban transport and their integrated management; (b) conducting studies, research, promotion and compaign to encourage for use of public transport; (c) capacity building in the urban local bodies, Public Authorities and in the State Government; and (d) any other purpose as may be prescribed by the State Government. (3) The Directorate of Urban Land Transport shall be the Secretariat to administer the fund constituted under sub-section (1). (4 ) The accounts of all receipts and expenditure arising out of the Urban Transport Fund shall be kept in such manner and in such form as may be prescribed. (5) The Government shall appoint one of its officers as the auditor who shall subject to supervision and control of the Principal Controller of State Audit and Accounts conduct audit of the Urban Transport Fund and he shall have access to all books of Accounts and to all receipts and expenditure relating to the Urban Transport Fund and the Director of Urban Land Transport or as the case may be the Director of Municipal Administration or the Commissioner of the City Corporation or any officer of City Corporation shall furnish to him any information concerning any receipt of expenditure which may be required by him. (6) The Commissioner shall prepare Annual Report of the operation of the Fund and furnish the report to the Government for laying before each House of the State Legislature. Audit report and compliance in this regard shall also be laid before each House of the State Legislature.