Section 6 in Rajasthan Electricity Regulatory Commission (Constitution of fund and the manner of application of the fund) Rules, 2006
6. Operation of the fund.
(1)The State Commission will meet the expenses required in connection with the discharge of its functions under section 86 as also for meeting the objects and the purposes authorized by the Act.(2)Opening of Bank Account:(a)The State Commission after taking a decision of the full Commission will open a bank account/Accounts in the State Bank of India and/or in one or more Nationalized Bank. For the purpose of ensuring gainful investment of general provident fund, gratuity fund, pension fund and pension medical concession fund. The Commission may also open Demat Account in scheduled banks.(b)The State Commission will make available the specimen signatures of two of its officers to be the authorized signatories to the nominated bank/banks for their information and record.(c)The nominated bank/banks will furnish monthly payments and receipt scrolls to the State Commission, which will ensure that the receipts and cheques appearing in the scrolls are those issued/deposited by the State Commission and reconcile each transaction with the bank/banks.(3)Drawl of funds from the bank:(a)All funds received will be paid into the State Commission's Accounts in the bank/banks and will riot be withdrawn except on presentation of a cheque signed by the officers ,as authorised by the State Commission.(b)These officers will be responsible for monitoring the transactions of receipts and payments on behalf of the State commission.(c)These officers will also be responsible in ensuring that the amounts of the cheques/demand drafts deposited in the accredited banks have been credited in time in the account of the State Commission and also reconcile the receipts and payments Accounts with them.
