Section 10(3) in The University Grants Commission (Regulation of Admission and Fees in Private Non-Aided Professional Institutions) Regulations, 1997
(3)At least half of the proceeds of development fee shall be credited to the development account in the first ten years of establishment of the institution, after which this Account (Development Account) will receive the entire proceeds of this fee, miscellaneous receipts of the institution would also be credited to the same account. The proceeds of this fee would be utilized for the procurement of equipment, books and journals, and the acquisition of assets. The management may debit expenditure on improvement of faculty to this account.
