Section 16 in Andhra Pradesh (Agricultural Produce and Livestock) Markets Act, 1966
16. Central Market Fund.
(1)There shall be formed for the whole of the State, a fund to be called the "Central Market Fund". Every Market Committee shall contribute [twenty-five per cent] [Substituted 'ten per cent' by Act No. 14 of 2015, dated 8.10.2015.] of its annual income to the Central Market Fund and the contribution so paid shall be placed to the credit of the said Fund.(Provided that it shall be competent for (the Director of Marketing to grant postponement of the payment of contribution or reduction or remission thereof in respect of any newly constituted market committee upto a period of three years from the date of its constitution).(2)The Central Market Fund shall be vested in the Government and deposited in the Government treasury at Hyderabad. It shall be administered and applied by the (the Director of Marketing) for all or any of the following purposes, namely:-(i)grant-in-aid of the market committees for the first year after their constitution under this Act.(ii)Grant-in-aid of a deficit market committee for a period not exceeding three years.(iii)Grant of loans to the market committees at such rates of interest as are charged on loans granted by the Government for development purposes;[(iii-a). grant of incentives for attracting private investments into the designated marketing related infrastructure in such manner as may be specified by general or special order.] [Inserted by Act No. 14 of 2015, dated 8.10.2015.](iv)(such other similar or allied purposes as may be specified by general or special order;[Provided that the Director of Marketing shall sanction such amount as may be prescribed by the Government from time to time, towards grant-in-aid or as loan.] [Substituted by Act No. 25 of 2005, dated 24.10.2005.]
