Funds & Utilisation

The funds of the shamithi shall consists of the subscriptions from the member ,donations etc.
The funds shall be deposited in the nationalized banks in the name of the samithi.
The bank accounts shall be operated jointly by the secretary and treasurer/president.
The secretary shall not keep more than 10 thousand rupees cash with him for current expenses .
Donations earmarked for any specific purpose like building fund must be utilized for that purpose only. Donations received towards scholarship fund must be deposited in the bank and the interest on the principle amount shall not be utilized for any other purpose.
The surplus fund of samithi should be invested as per the section 11(5) of the income tax act 1961.
The funds of the samithi shall be utilized for only towards the achievements or attainment of the objectives of the samithi.
No portion of the fund shall be distributed or paid or transferred in any manner to the office bearers or members of samithi or persons .
Defined in section 13(1)c of the income tax act 1961.
The budget funds shall be utilized or spent to the various activities with the prior approval of the executive committee.