Amendment status not verified — confirm the current text below against the official source.
(1) Every Planning Authority or Development Authority (other than the Calcutta Metropolitan Development Authority) shall have and maintain its own fund to which shall be credited— (a) all moneys received by the said Authority from the State Government by way of grants, loans, advances or otherwise; (b) all development charges or other charges or fees received by the said Authority under this Act or rules or regulations made thereunder; and (c) all moneys received by the said Authority from any other source. (2) Every such Authority may keep in current account in any branch of the State Bank of India, or any other Bank approved by the State Government in this behalf, such portion of its fund as may be prescribed and any money in excess of the said sum shall be invested in such manner as may be approved by the State Government.