(1)There shall be a Finance and Accounts Committee for planning, coordinating and overseeing the financial operations of the University. It shall examine the accounts, the progress of expenditure and all new proposals involving fresh expenditure in the light of the provisions available.

(2)The Finance and Accounts Committee shall consist of the following members, namely:-

(a)Vice Chancellor - Chairperson;

(b)Financial Advisor;

(c)one person from the Academic Council, nominated by the Vice Chancellor;

(d)two experts nominated by the Senate, one of whom shall be a Chartered Accountant who is an expert in the field of accounting and auditing and the other shall be an expert in the area of finance;

(e)Registrar; and

(f)Finance Officer - Member Secretary.

(3)The quorum for a meeting of the committee shall be set at half of the total members.

(4)All nominated members of the committee shall hold office for a term of three years and shall not be eligible for a second consecutive term.

(5)The committee shall meet at least four times in a year and as required by the Vice Chancellor.

(6)The Finance and Accounts Committee shall, -

(a)examine and consider Annual Statement of Accounts, Audited final statement of accounts and Audit Report and its compliance report, and the annual financial estimates to be presented by the Finance Officer and recommend the same to the Executive and thereafter to the Senate for approval;

(b)examine the progress of expenditure and all new proposals involving fresh expenditure in the light of the provisions available;

(c)recommend to the limits for the total recurring and non-recurring expenditure for the year, based on the income and resources of the University, including the proceeds of loans for productive work;

(d)recommend to the productive investment and management of University assets and resources;

(e)explore the possibilities of augmenting further resources for the development of the University;

(f)assess the financial viability of the proposals for Self-Financed Courses submitted by Board of Studies;

(g)take necessary steps to have the University accounts audited by the auditors appointed by the University and Accountant General respectively;

(h)advise on matters related to the administration of the property and the funds of the University;

(i)ensure proper implementation of the orders issued by the State Government from time to time, in respect of funds, assets, and other resources received from the State Government;

(j)advise on financial matters referred to it by the Syndicate, Academic Council or any other authority, body or committee or any officer of the University;

(k)report to the Vice Chancellor on any lapse or irregularity in financial matters which comes to its notice so that he may take suitable prompt actions after assessing the seriousness of the matter or refer it to the State Government;

(l)ensure that the annual accounts of the University, colleges and institutions are open for audit by the auditors appointed by the Accountant General;

(m)study various financial reforms recommended by UGC or Central/ State Government for management of financial resources, maintenance of accounts and use of modern technologies to enhance the efficiency in accounts maintenance and audit procedures; and

(n)carry out any other functions and tasks as may be prescribed by the Statutes.