Amendment status not verified — confirm the current text below against the official source.
(1) There shall be constituted a Fund, to be called the Punjab Municipal Infrastructure Development Fund, which shall vest in the State Government. Constitution of the Fund. 1[(2) The grant-in-aid shall be deposited into the Fund: Provided that the amount of grant-in-aid, so deposited into the Fund, shall not be less than Rs.200 crore (Two hundred crore rupees) per annum or proportion thereof: Provided further that the amount of grant-in-aid shall increase at the rate of fourteen per cent per annum over the previous year: Provided further that the amount of grant-in-aid shall be deposited into the Fund on monthly basis.] 2[(3) ****]