Common use of FUND UTILISATION AND ACCOUNTING Clause in Contracts

FUND UTILISATION AND ACCOUNTING. The Institute shall submit the Utilization Certificate (UC) and Statements of Expenses (SOE) duly audited by a Chartered Accountant(CA) for the expenditure incurred towards the Project for every half year period, ending 30th September and 31st March, to BIRAC, within a month of closure of the accounts for the respective half year, in the format provided by BIRAC. The CA shall also certify that there has been no change in the shareholding pattern and if there is any change, the particulars shall be specified. The Institute shall submit UC and SOE duly certified by Internal finance personnel to BIRAC in the format provided on the completion of the respective milestones . The Institute shall submit final consolidated UC and SoE duly certified by a CA/Auditor to BIRAC in the format provided on the completion of the project. The input credit for the expenditures incurred under the project out of Grant-in-aid shall be reported to BIRAC as a part of utilization certificate against the corresponding entry-“Amount of GST Input credit”. Such amount, if any, will be considered accordingly at the time of the release of the next installment. The Institute shall submit audited Annual reports along with audited balance sheets and profit & loss accounts to BIRAC within six months the completion of the financial year ending 31st March till the completion of the Project Duration. The Institute and Company shall submit audited Annual reports along with the audited balance sheets and profit & loss accounts to BIRAC within six months of the completion of the financial year ending 31st March till the completion of the Project Duration. The Institute shall duly submit the periodic Progress Report for the Project to BIRAC including the activities carried out by the company. The Institute shall keep the Grant-in-aid assistance n an interest bearing account with a Schedule Bank (as defined under the RBI Act, 1934), the withdrawals and payments from which account shall be subject to verification by BIRAC. The interest thus earned will be adjusted towards further installment of the fund. The interest earned on the Grant-in-aid should be reported to BIRAC. The interest thus earned on the grant in aid will be adjusted towards further installment of the fund. The Institute shall ensure that the funds released for the Project are actually utilized only for the purposes of the Project and as expressly provided for in this GLA. Re-appropriation of BIRAC funds from one budget head to another shall not be effected without the specific written approval of BIRAC; The Institute shall refund such part of Grant-in-aid funds disbursed to it that remains unutilized with it upon completion of all the responsibilities, duties and functions specified in connection with the Project, within one month of such completion, to BIRAC along with consolidated accounts of the funds received and utilized and of the unutilized balance returned (UC &SOE); The Institute at their own cost, shall take adequate care to maintain the capital assets acquired for the Project through BIRAC’s Grant-in-aid. The capital assets acquired through BIRAC’s Grant-in-aid shall not be disposed of or hypothecated without the specific approval of BIRAC till full and final settlement of all dues to the satisfaction of BIRAC.

FUND UTILISATION AND ACCOUNTING. The Institute Company shall submit the Utilization Certificate (UC) and Statements of Expenses (SOE) duly audited by a Chartered Accountant(CA) Accountant for the expenditure incurred towards the Project for every half year period, ending 30th September and 31st March, to BIRAC, within a month of closure of the accounts for the respective half year, in the format provided by BIRAC. The CA shall also certify that there has been no change in the shareholding pattern and if there is any change, the particulars shall be specified. The Institute Company shall submit UC and SOE duly certified by Internal finance personnel to BIRAC in the format provided on the completion of the respective milestones . The Institute shall duly submit final consolidated UC and SoE duly certified by a CA/Auditor the periodic Progress Report for the Project to BIRAC in the format provided on the completion of the project. The input credit for the expenditures incurred under the project out of Grant-in-aid shall be reported to BIRAC as a part of utilization certificate against the corresponding entry-“Amount of GST Input credit”. Such amount, if any, will be considered accordingly at the time of the release of the next installment. The Institute shall submit audited Annual reports along with audited balance sheets and profit & loss accounts to BIRAC within six months the completion of the financial year ending 31st March till the completion of the Project Duration. The Institute and Company shall submit audited Annual reports along with the audited balance sheets and profit & loss accounts to BIRAC within six seven months of the completion of the financial year ending 31st March till the completion of the Project Duration. The Institute shall duly submit the periodic Progress Report for the Project to BIRAC including the activities carried out by the company. The Institute Company shall keep the Grant-in-aid assistance n an interest bearing and their project contribution in a separate no-lien account in the name of the Company with a Schedule Scheduled Bank (as defined under the RBI Act, 1934), the withdrawals and payments from which account shall be subject to verification by BIRAC. It shall also obtain and furnish to BIRAC a letter from the concerned bank foregoing the right of set off or lien in respect of such account. Further, the interest earned on the Grant-in-aid if any should be reported to BIRAC. The interest thus earned will be adjusted towards further installment of the fund. The interest earned on the Grant-in-aid should be reported to BIRAC. The interest thus earned on the grant in aid will be adjusted towards further installment of the fund. The Institute Company shall ensure that the funds released for the Project are actually utilized only for the purposes of the Project and as expressly provided for in this GLA. Re-appropriation of BIRAC funds from one budget head to another shall not be effected without the specific written approval of BIRAC; The Institute Company shall refund such part of Grant-in-aid funds disbursed to it that remains unutilized with it upon completion of all the responsibilities, duties and functions specified in connection with the Project, within one month of such completion, to BIRAC along with consolidated accounts of the funds received and utilized and of the unutilized balance returned (UC &SOE); The Institute Company at their own cost, shall take adequate care to maintain the capital assets acquired for the Project through BIRAC’s Grant-in-aid. The capital assets acquired through BIRAC’s Grant-in-aid shall not be disposed of or hypothecated without the specific approval of BIRAC till full and final settlement of all dues to the satisfaction of BIRAC.

FUND UTILISATION AND ACCOUNTING. The Company and the Institute shall submit the Utilization Certificate (UC) and Statements of Expenses (SOE) duly audited by a Chartered Accountant(CA) Accountant for the expenditure incurred towards the Project for every half year period, ending 30th September and 31st March, to BIRAC, within a month of closure of the accounts for the respective half year, in the format provided by BIRAC. The CA shall also certify that there has been no change in the shareholding pattern and if there is any change, the particulars shall be specified. The Company and the Institute shall submit UC and SOE duly certified by Internal finance personnel to BIRAC in the format provided on the completion of the respective milestones . The Institute shall submit final consolidated UC Company and SoE duly certified by a CA/Auditor to BIRAC in the format provided on the completion of the project. The input credit for the expenditures incurred under the project out of Grant-in-aid shall be reported to BIRAC as a part of utilization certificate against the corresponding entry-“Amount of GST Input credit”. Such amount, if any, will be considered accordingly at the time of the release of the next installment. The Institute shall submit audited Annual reports along with audited the balance sheets and profit & loss accounts to BIRAC within six months the completion of the financial year ending 31st March till the completion of the Project Duration. The Institute and Company shall submit audited Annual reports along with the audited balance sheets and profit & loss accounts to BIRAC within six seven months of the completion of the financial year ending 31st March till the completion of the Project Duration. The Institute shall duly submit the periodic Progress Report for the Project to BIRAC including the activities carried out by the company. The Institute Company shall keep the Grant-in-aid assistance n an interest bearing and their project contribution in a separate no-lien account in the name of the Company with a Schedule Scheduled Bank (as defined under the RBI Act, 1934), the withdrawals and payments from which account shall be subject to verification by BIRAC. It shall also obtain and furnish to BIRAC a letter from the concerned bank foregoing the right of set off or lien in respect of such account. Further, the interest earned on the Grant-in-aid if any should be reported to BIRAC. The interest thus earned will be adjusted towards further installment of the fund. If there is an Institute collaborator, it shall keep the Grant-in-aid assistance in an interest bearing account with a Scheduled Bank (as defined under the RBI Act, 1934), the withdrawals and payments from which account shall be subject to verification by BIRAC. The interest earned on the Grant-in-aid should be reported to BIRAC. The interest thus earned on the grant in aid will be adjusted towards further installment of the fund. The Company and the Institute shall ensure that the funds released for the Project are actually utilized only for the purposes of the Project and as expressly provided for in this GLA. Re-appropriation of BIRAC funds from one budget head to another shall not be effected without the specific written approval of BIRAC; The Company and the Institute shall refund such part of Grant-in-aid funds disbursed to it that remains unutilized with it upon completion of all the responsibilities, duties and functions specified in connection with the Project, within one month of such completion, to BIRAC along with consolidated accounts of the funds received and utilized and of the unutilized balance returned (UC &SOE); The Company and the Institute at their own cost, shall take adequate care to maintain the capital assets acquired for the Project through BIRAC’s Grant-in-aid. The capital assets acquired through BIRAC’s Grant-in-aid shall not be disposed of or hypothecated without the specific approval of BIRAC till full and final settlement of all dues to the satisfaction of BIRAC.

FUND UTILISATION AND ACCOUNTING. The Institute Company and the Institutes shall submit the Utilization Certificate (UC) and Statements of Expenses (SOE) duly SOE)duly audited by a Chartered Accountant(CA) for the expenditure incurred towards the Project for every half year period, ending 30th September and 31st March, to BIRAC, within a month of closure of the accounts for the respective half year, in the format provided by BIRAC. The CA shall also certify that there has been no change in the shareholding pattern and if there is any change, the particulars shall be specified. The Institute Institutes and the Company shall submit UC and SOE duly certified by Internal finance personnel to BIRAC in the format provided on the completion of the respective milestones . The Institute shall submit final consolidated UC Institutes and SoE duly certified by a CA/Auditor to BIRAC in the format provided on the completion of the project. The input credit for the expenditures incurred under the project out of Grant-in-aid shall be reported to BIRAC as a part of utilization certificate against the corresponding entry-“Amount of GST Input credit”. Such amount, if any, will be considered accordingly at the time of the release of the next installment. The Institute shall submit audited Annual reports along with audited balance sheets and profit & loss accounts to BIRAC within six months the completion of the financial year ending 31st March till the completion of the Project Duration. The Institute and Company shall submit audited Annual reports along with the audited balance sheets and profit & loss accounts to BIRAC within six seven months of the completion of the financial year ending 31st March till the completion of the Project Duration. The Institute shall duly submit the periodic Progress Report for the Project to BIRAC including the activities carried out by the company. The Institute Company shall keep the Grant-in-aid assistance n an interest bearing and their project contribution in a separate no-lien account in the name of the Company with a Schedule Scheduled Bank (as defined under the RBI Act, 1934), the withdrawals and payments from which account shall be subject to verification by BIRAC. It shall also obtain and furnish to BIRAC a letter from the concerned bank foregoing the right of set off or lien in respect of such account. Further, the interest earned on the Grant-in-aid if any should be reported to BIRAC. The interest thus earned will be adjusted towards further installment of the fund. The Institutes shall keep the Grant-in-aid assistance in an interest bearing account with a Scheduled Bank (as defined under the RBI Act, 1934), the withdrawals and payments from which account shall be subject to verification by BIRAC. The interest earned on the Grant-in-aid should be reported to BIRAC. The interest thus earned on the grant in aid will be adjusted towards further installment of the fund. The Institute Institutes and the Company shall ensure that the funds released for the Project are actually utilized only for the purposes of the Project and as expressly provided for in this GLA. Re-appropriation of BIRAC funds from one budget head to another shall not be effected without the specific written approval of BIRAC; The Institute Institutes and the Company shall refund such part of Grant-in-aid funds disbursed to it that remains unutilized with it upon completion of all the responsibilities, duties and functions specified in connection with the Project, within one month of such completion, to BIRAC along with consolidated accounts of the funds received and utilized and of the unutilized balance returned (UC &SOE); The Institute Institutes and the Company at their own cost, cost shall take adequate care to maintain the capital assets acquired for the Project through BIRAC’s Grant-in-aid. The capital assets acquired through BIRAC’s Grant-in-aid shall not be disposed of or hypothecated without the specific approval of BIRAC till full and final settlement of all dues to the satisfaction of BIRAC.

FUND UTILISATION AND ACCOUNTING. The Institute Fund recipients shall submit the Utilization Certificate (UC) and Statements of Expenses (SOE) duly audited by a Chartered Accountant(CAAccountant (CA) for the expenditure incurred towards the Project for every half year period, ending 30th September and 31st March, to BIRAC, within a month of closure of the accounts for the respective half year, in the format provided by BIRAC. The CA shall also certify that there has been no change in the shareholding pattern and if there is any change, the particulars shall be specified. The Institute Fund recipients shall submit UC and SOE duly certified by Internal finance personnel to BIRAC in the format provided on the completion of the respective milestones milestones. The Institute Fund Recipients shall submit final consolidated UC and SoE duly certified by a CA/Auditor to BIRAC in the format provided on the completion of the project. The input credit for the expenditures incurred under the project out of Grant-in-aid shall be reported to BIRAC as a part of utilization certificate against the corresponding entry-“Amount entry- “Amount of GST Input credit”. Such amount, if any, will be considered accordingly at the time of the release of the next installment. The Institute shall submit audited Annual reports along with audited balance sheets and profit & loss accounts to BIRAC within six months the completion of the financial year ending 31st March till the completion of the Project Duration. The Institute and Company Fund recipients shall submit audited Annual reports along with the audited balance sheets and profit & loss accounts to BIRAC within six months of the completion of the financial year ending 31st March till the completion of the Project Duration. The Institute shall duly submit the periodic Progress Report for the Project to BIRAC including the activities carried out by the company. The Institute Fund Recipients shall keep the Grant-in-aid assistance n in an interest bearing account with a Schedule Scheduled Bank (as defined under the RBI Act, 1934), the withdrawals and payments from which account shall be subject to verification by BIRAC. The interest thus earned will be adjusted towards further installment of the fund. The interest earned on the Grant-in-aid should be reported to BIRAC. The interest thus earned on the grant in aid will be adjusted towards further installment of the fund. The Institute Fund Recipients shall ensure that the funds released for the Project are actually utilized only for the purposes of the Project and as expressly provided for in this GLA. Re-appropriation of BIRAC funds from one budget head to another shall not be effected without the specific written approval of BIRAC; The Institute Fund Recipients shall refund such part of Grant-in-aid funds disbursed to it that remains unutilized with it upon completion of all the responsibilities, duties and functions specified in connection with the Project, within one month of such completion, to BIRAC along with consolidated accounts of the funds received and utilized and of the unutilized balance returned (UC &SOE); The Institute Fund Recipients at their own cost, cost shall take adequate care to maintain the capital assets acquired for the Project through BIRAC’s Grant-in-aid. The capital assets acquired through BIRAC’s Grant-in-aid shall not be disposed of or hypothecated without the specific approval of BIRAC till full and final settlement of all dues to the satisfaction of BIRAC.