(2)(a)All moneys received by the Village Panchayat except the [money accepted for the Block Panchayat or District Panchayat or the Government] [Substituted by Act 13 of 1999.] and those received on behalf of the Block Panchayat the District Panchayat or the Government shall constitute a fund called the Village Panchayat fund and shall be applied and disposed of in accordance with the provisions of this Act and the rules made there under:Provided that the Village Panchayat shall have power, subject to such rules as may be prescribed, to direct that the proceeds of any tax or surcharge levied under this Act shall be earmarked for the purpose of financing any specific public benefit. A separate account shall be kept of the receipts from every such tax or additional tax and the expenditure thereof.(b)[ The Village Panchayat fund shall consist of the following components, namely: - [Inserted by Act 13 of 1999.](i)Own income of the Village Panchayat which shall consist of taxes, duties, cesses and surcharge levied under this Act or any other law, lease rents and other receipts from properties and enterprises, fees for licences and permissions, fines and penalties, income from endowments and trusts managed by the Village Panchayat, unclaimed deposits and other forfeitures and miscellaneous income from sources such as porampokes, fishing lands and shall include the share of the taxes collected by Government and transferred to the credit of the Village Panchayat and the grants released by Government.(ii)Grants released by the Government for implementation of schemes, projects and plans formulated by the Village Panchayat;(iii)Grants released by the Government for the implementation of schemes projects or plans assigned, delegated or entrusted to the Village Panchayat under this Act; and(iv)Money raised through donations, contributions and grants from the public and non-Governmental agencies.(v)The amount borrowed under section 197][***] [Omitted by Act 13 of 1999.]
