Section 26 in International Institute of Information Technology (IIIT) University Act, 2013
26. Funds of the Institute.
(1)The Institute shall maintain funds, which shall be credited with :-(a)money provided by the State Government;(b)fees and other charges received by the Institute;(c)money received by the Institute by way of grants, gifts, donations, benefactions, bequests or transfers;(d)money received by the Institute in any other manner or from any other source;(e)money received from the Sponsor.(2)Money credited to the Fund shall be deposited in such banks or invested in such manner as the Director may decide in accordance with the guidelines of Reserve Bank of India.(3)Funds of the Institute shall be applied towards meeting of the expenses of the Institute, including expenses incurred in the exercise of powers and discharge of functions under this Act.
