Page 29 - Compendium of UGC Regulations 1957-2023

UGC Rules regarding Fitness of HEIs for Grants and Budget and Accounts:

University Grants Commission
(Budget and Accounts) Rules, 1962.

G.S.R. 1298, dated the 19th September, 1962. - In exercise of the powers conferred by sub-section
(1) and clauses (h) and (i) of sub-section (2) of Section 25 of the University Grants Commission
Act, 1956 (3 of 1956), the Central Government hereby makes the following rules, namely :-
1. Short title and commencement.- (1) These rules may be called the University Grants
Commission (Budget and Accounts) Rules, 1962.
(2) They shall come into force on such date as the Central Government may, by notification
in the Official Gazette, appoint.
2. Definitions.- In these rules,-
(a) “Commission” means the University Grants Commission established under Section 4
of the University Grants Commission Act, 1956:
(b) “year” means the financial year beginning with the 1st day of April and ending with the
31st March following.
3. Budget.- (1) The Commission shall, not later than the 15th October, in each year, prepare the
budget for the following year showing the details of the estimated receipts and expenditure
and also the anticipated opening and closing balances for that year.
(2) The budget shall be prepared in the form set out in Appendix I and five copies there of
shall be forwarded to the Central Government not later than the 1st November preceding
the year to which it relates.
(3) A copy of the budget shall also be forwarded to the audit officer concerned.
4. Annual report.- The annual report giving the true and full account of the activities of the
Commission during the previous financial year shall be prepared and the copies there of
forwarded to the Central Government not later than the 1st October following the year to
which it relates; the report may also contain such observations and suggestions, if any,
relating to University education in India as the Commission may deem fit to make.
5. Accounts.- (1) The Commission shall also cause to be maintained the books of accounts and
the registers specified in Appendix II in the respective forms set out therein.
(2) The statement of accounts for each year shall be prepared by the Commission after
the closing of the accounts for the year and shall be forwarded to the Comptroller and
Auditor-General or any other person appointed by him in this behalf not later than the
1st October, following the year.

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UGC Regulations