Section 13 in THE ANDHRA PRADESH STATE DEVELOPMENT CORPORATION ACT, 2020
13. Functions of the Corporation -
(1)It shall be the function of the Corporation to implement the socio-economic developmental schemes entrusted to it by the Government from the assigned revenues and from the finances raised;(2)The Corporation shall fund and raise finances for implementation of entrusted schemes by escrowing the assigned revenues;(3)Raising money from capital markets, domestic and international money markets and other instruments in compliance with various statues, rules, regulations as prescribed by various statutory and regulatory authorities;(4)Deposit the monies which cannot be immediately applied, into a Scheduled Commercial bank or banks or other public financial institutions or invest in Government of India securities or deposits issued by Government of Andhra Pradesh owned NBFC's subject to such conditions as may, from time to time, be specified by the Board;(5)Funds mobilized by the Corporation are to be utilized exclusively by the Corporation to fund the eligible schemes and projects including its operational expenses, and/or to repay the monies borrowed and/or provide financing to the public sector undertakings or private public partnerships to finance eligible schemes and projects;(6)Accept grants, subventions, donations, and gifts from the Central or State Government or local body or any individual or body whether incorporated or not, for any or all the objectives of the Corporation on such terms and conditions as mutually agreed upon;(7)To undertake schemes, either jointly with other State Government Corporations, or Government Entities in furtherance of the core objectives of the Corporation for which, the Corporation is established and all matters connected therewith;(8)To prepare annual plans, budgets and expenditure statements;(9)To take all such steps as may be necessary or convenient for, or may be incidental to, the exercise of any power or the discharge of any function conferred or imposed on it by this Act;(10)To undertake any other activities entrusted by the Government in furtherance of the objectives for which the Corporation is established.
