Section 20(5) in The Maharashtra Universities Act, 1994
(5)The duties of the Finance and Accounts Officers shall be to,-(a)exercise general supervision over the funds of the university, and shall advise the Vice-Chancellor as regards the finances of the university;(b)hold and manage the funds, property and investments, including trust and endowed property, for furthering any of the objects of the university;(c)ensure that the limits fixed by the university for recurring and nonrecurring expenditure for a year are not exceeded, and that all allocations are expended for the purposes for which they are granted or allotted;(d)keep watch on the state of the cash and bank balances and of investments;(e)keep watch on the progress of collection of revenue and advise the Vice-Chancellor on the methods to be employed for collection;(f)have the accounts of the university audited regularly;(g)ensure that the registers of buildings and, equipment and machinery are maintained up-to-date and that the stock taking of equipments and other consumable materials in all offices, [conducted college], [These words were substituted for the wold 'college' by Maharashtra 55 of 2000 section 16(b)(i).] workshops and stores of the university is conducted regularly.(h)propose to the Vice-Chancellor that explanation be called for unauthorized expenditure or other financial irregularities from any academic member of university.(i)propose to the Registrar that explanation be called from any non-academic member for un authorised expenditure or irregularities in any particular case, and recommend disciplinary action against the persons at fault;(j)call for from any office centre, laboratory, [conducted college], [These words were substituted for the word 'college' by Maharashtra 55 of 2000 section 16(ii).] department of the university or university institution, for any information and returns that he thinks necessary for the proper discharge of his financial responsibilities; and(k)exercise such other powers, perform such other duties, and discharge such other financial functions as are assigned to him by the Vice-Chancellor or are prescribed by the Ordinances.
