Section 12 in THE ANDHRA PRADESH STATE DEVELOPMENT CORPORATION ACT, 2020
12. Government to vest or entrust schemes and revenues to the Corporation -
(1)The Government may, from time to time, by enactment, assign such schemes which fulfil the core objectives of the Corporation and assign such revenues which enables the Corporation for fund raising.(2)Subject to the provisions of this Act and the rules and regulations made there under, in the first instance, the Government hereby entrusts six(6) new schemes to the Corporation namely (a) School Infrastructure upgradation through Mana Badi Nadu-Nedu; (b) Hospital infrastructure upgradation through Nadu-Nedu Health; (c) YSR Cheyutha; (d) YSR Asara; (e) Jagananna Ammavodi; and (f) YSR Rythu Bharosa.(3)Subject to the provisions of this Act and the rules and regulations made there under, the Government may from time to time, entrust such other schemes which will fulfil the core objectives of the Corporation, with due consideration to the resource availability and sustainability of the Corporation, by appropriate enactment.(4)Subject to the provisions of this Act and the rules and regulations made there under, in the first instance, the Government hereby assigns to the Corporation, the revenue from Additional Retail Excise Tax(ARET) in accordance with applicable lawand shall take such steps as may be required under the applicable laws to give effect to the same including due appropriations by law passed in the State Legislature if required from time to time. The Government may, at a later stage, with due consideration to the resource availability and sustainability of the Corporation, entrust other revenue streams by introducing appropriate enactment;(5)The Government shall ensure that sufficient revenue streams are available with the Corporation to meet its obligations. In case, the Government decides to change the assigned revenue stream (or any rate thereof), then the Government shall ensure that the funds realisable from such change are equal to or more than that which would have been realised under the original enactment. In case the revenue stream assigned to the Corporation is no longer available due to subsummation or any change in the tax regime, then the government shall be mandated to assign equivalent amounts for the Corporation through other assignable revenue streams. Any changes in the assigned revenue streams to the Corporation shall only be made by an enactment.(6)The Government may issue to the Corporation such general or special directions as to policy or exercise of the powers or performance of the function by the corporation as it may think necessary or expedient for carrying out the purposes of this Act and the Corporation shall be bound to follow and act upon such directions.
