Amendment status not verified — confirm the current text below against the official source.
Application of moneys received and expenditure from funds.- All moneys received by the Panchayat Union Council and the Village Panchayat shall be applied and disposed of in accordance with the provisions of this Act and other laws: Provided that the Panchayat Union Council or the Village Panchayat shall have power subject to such rules as may be prescribed to direct that the proceeds of any tax or additional tax levied under this Act shall be earmarked for the purpose of financing any specific public improvement. A separate account shall be kept of the receipts from every such tax or additional tax and the expenditure thereof.