Fund of Institute

Section 29 of the Indian Institutes of Information Technology Act, 2014 deals with fund of Institute. Every Institute shall maintain a fund to which shall be credited:— (a) all monies provided by the Central Government or State Government, as the case may be; The Act came into force on 05 Jan 2015.

(1) Every Institute shall maintain a fund to which shall be credited:—

(a) all monies provided by the Central Government or State Government, as the case may be;

(b) all fees and other charges received by the Institute from students;

(c) all monies received by the Institute by way of grants, gifts, donations, benefactions, bequests or transfers;

(d) all monies received by the Institute from utilisation of intellectual property arising from research conducted or provision of advisory or consultancy services by it; and

(e) all monies received by the Institute in any other manner or from any other source.

(2) The fund of every Institute shall be applied towards meeting the expenses of the Institute, including expenses incurred in the exercise of its powers and discharge of its duties under this Act, furtherance of research in the Institute or in collaboration with other educational institutions or industry and for capital investment aimed at the growth and development of the Institute.

Section 29, The Indian Institutes of Information Technology Act, 2014 (Act 30 of 2014).