Section 8(2)(e) in The Maharashtra Universities Act, 1994
(e)development fund, if any, established by the university; for the purposes of-(i)creation of posts in various categories for specific period;(ii)granting pay, allowances and other benefits to the posts created through its own funds provided those posts are not held by such persons, who are holding the posts for which Government contribution is received;(iii)starting any academic programme on self-supporting basis;(iv)incurring expenditure on any development work,