Section 18 in The Mumbai Metropolitan Region Development Authority Act, 1974
18. Funds of the Metropolitan Authority.
(1)There shall be a fund for the Metropolitan Authority to be called "the [Mumbai Metropolitan Region Development Fund] [These words were substituted for the words 'Bombay Metropolitan Region Development Fund' by Maharashtra 5 of 2003, Section 2, Schedule.]" to which shall be credited all money received by the Authority including -(a)[* * * * *] [Clause (a) was deleted by Maharashtra 35 of 1997, Section 2.](b)a contribution to be made by the State Government of a sum of not less than rupees ten crores towards a revolving fund to be established by the Authority in such instalments, as the State Government may determine in accordance with the schemes included in the State Plan and under appropriation duly made in this behalf, which contribution shall be utilised by the Authority for such planned development as the State Government may, from time to time approve;(c)such other moneys as may be paid to the Authority by the State Government;(d)such moneys as may be paid to the Authority by the Union Government or any other authority or agency;(e)the sums placed at its disposal by the State Government from out of the proceeds of any cess levied under Chapter VI;(f)the proceeds of any betterment charge levied under Chapter IV;(g)all fees, costs and charges received by the Authority under this Act or any other law for the time being in force.(h)all moneys received by the Authority from the disposal of lands, buildings and other properties, moveable and immovable, and other transactions;(i)all moneys borrowed by the Authority;(j)all moneys received by the Authority by way of rents and profits or in any other manner or from any other source.(2)The Metropolitan Authority may keep in current or deposit account, with the State Bank of India or with any Scheduled Bank as defined in the Reserve Bank of India Act, 1934, which holds a licence issued by the Reserve Bank of India under section 22 of the Banking Regulation Act, 1949, or with any other bank approved by the State Government in this behalf, such sum of money out of its Fund as may be prescribed, and any money in excess of the said sum shall be invested in such manner as may be approved by the State Government.(3)Such accounts shall be operated upon by such officers of the Metropolitan Authority as may be authorised by it by regulation made in this behalf.
