Section 18 in The Industrial Development Bank Of India Act, 1964
18. Accounts and Audit of Development Assistance Fund
.-(1) The balance-sheet and accounts of the Development Assistance Fund shall be prepared in such form and manner as may be prescribed.(2)The Board shall cause the books and accounts of the fund to be closed and balanced as on the 30th day of June each year [or such other date, as the Central Government may, by notification in the Official Gazette, appoint]:[Provided that with a view to facilitating the transition from one period of accounting to another period of accounting under this sub-section, the Central Government may, by order published in the Official Gazette, make such provisions as it considers necessary or expedient for the closing and balancing of, or for other matters relating to, the books or accounts in respect of the concerned years.] [ Inserted by Act 66 of 1988, Section 28 (w.e.f. 30.12.1988).](3)The fund shall be audited by one or more auditors appointed by the [Development Bank] [ Substituted by Act 5 of 1995, Section 16, for " Central Bank" (w.r.e.f. 12.10.1994). These words were substituted by Act 52 of 1975, Section 13 (w.e.f. 16.2.1976).] under section 23 who shall make a separate report thereon.(4)The provisions of sub-sections (2), (3), (4) and (6) of section 23 shall, so far as may be, apply in relation to the audit of the Development Assistance Fund.(5)The Development Bank shall furnish to the Central Government [* * *] [ The words " and the Reserve Bank" omitted by Act 52 of 1975, Section 13 (w.e.f. 16.2.1976).] within four months from the date on which the accounts of the fund are closed and balanced, a copy of the balance-sheet and accounts together with a copy of the auditors 'report and a report on the operation of the fund during the relevant year and [the Central Government shall as soon as may be after they are received by it, cause the same to be laid before each house of Parliament.] [ Substituted by Act 52 of 1975, Section 13, for certain words (w.e.f. 16.2.1976).]
