Section 23(1) in Visvesvaraya Technological University Act, 1994
(1)The University shall have General Fund to which shall be credited,-(i)its income from fees, grants, donations, gifts, if any;(ii)contributions or grants that may be made by the Central Government, State Government, University Grants Commission, All India Council for Technical Education or like authority or any local authority or any corporation owned or controlled by the Government;(iii)other contributions, receipts, grants and donations and benefactions;(iv)contributions from industry, business and technical departments of the Government and other user organisations:Provided that the funds received by the University under item (iv) above shall be called the Development Fund of the University which shall be utilised for the promotion of Technological Education and Research both within the University and in the constituent units without diverting the same for normal capital or recurring expenditure of the University.
