Work Operation Fund Act, 2043 (1986)

[vc_custom_heading text=”Work Operation Fund Act, 2043 (1986)” use_theme_fonts=”yes” el_id=”work_operation_fund_act,_2043_(1986)”][vc_column_text]Amendment:
Republic Strengthening and Some Nepal                                                                                               2066.10.7(21 Jan .2010)
Laws Amendment Act, 2066(2010)1
Act Number 13 of the year 2043 (1986)[/vc_column_text][vc_custom_heading text=”An Act Made To Provide For Work Operation Fund” use_theme_fonts=”yes” el_id=”an_act_made_to_provide_for_work_operation_fund”][vc_column_text]

Preamble: Whereas, it is expedient to provide for the work operation fund in order to accelerate the pace of development by making financial administration simpler and more convenient and provide economic facility to the general public; Now, therefore, His Majesty King Birendra Bir Bikram Shah dev has, on the advice and with the consent of the National Panchayat, made this Act.[/vc_column_text][vc_custom_heading text=”1. Short Title And Commencement” use_theme_fonts=”yes” el_id=”1._short_title_and_commencement”][vc_column_text](2) It shall come into force immediately[/vc_column_text][vc_custom_heading text=”2. Definitions” use_theme_fonts=”yes” el_id=”2._definitions”][vc_column_text]

Unless the subject or context otherwise requires, in this Act:

(a) “Fund” means the work operation fund established pursuant to Section

3.Unless the subject or context otherwise requires, in this Act:

(a) “Fund” means the work operation fund established pursuant to Section

(b) “Ministry” means a Ministry of the Government of Nepal, and this term also includes the Cabinet Secretariat.

(c) “Bank” means the Nepal Rastra Bank, and this term also includes any other bank doing government transaction.

(d) “Last financial year” means the financial year preceding the current financial year.

[/vc_column_text][vc_custom_heading text=”3. Establishment Of Fund” use_theme_fonts=”yes” el_id=”3._establishment_of_fund”][vc_column_text]

(1) The Ministry may, if it considers necessary, establish a work operation fund for a body which makes income by selling its products or services for the operation of special work.

(2) The following amounts shall be credited to the fund as referred to in Sub-section (1):

(a)Amount set aside by the Appropriation Act in each financial year,

(b) Such amount as set aside by the Government of Nepal from the income credited to the consolidated fund in
each financial year.

[/vc_column_text][vc_custom_heading text=”4. Procedure For Establishing Fund” use_theme_fonts=”yes” el_id=”4._procedure_for_establishing_fund”][vc_column_text]

For establishing the fund, the concerned Ministry shall obtain the consent of the Ministry of Finance and get it decided by the Government of Nepal, Council of Ministers.[/vc_column_text][vc_custom_heading text=”5. Operation Of Fund” use_theme_fonts=”yes” el_id=”5._operation_of_fund”][vc_column_text](2) In relation to those bodies which have to purchase raw materials and spare parts, twenty five percent amount shall be set aside from the  amount set aside pursuant to clause (b) of Sub-section (2) of Section 3 for the
purchase of raw materials and spare parts.[/vc_column_text][vc_custom_heading text=”6. Submission Of Statement Of Fund” use_theme_fonts=”yes” el_id=”6._submission_of_statement_of_fund”][vc_column_text]

The official designated by the Ministry for the operation of the fund shall submit to the Financial Comptroller actual
statements of the fund no later than fifteen days after the expiration of the financial year.[/vc_column_text][vc_custom_heading text=”7. Responsibility Of Amount Of Fund To Be Carried” use_theme_fonts=”yes” el_id=”7._responsibility_of_amount_of_fund_to_be_carried”][vc_column_text]

The amount remaining balance at the end of the last financial year shall be carried to the fund at the beginning of each financial year.[/vc_column_text][vc_custom_heading text=”8. Amount Of Fund May Be Transferred To Consolidated Fund” use_theme_fonts=”yes” el_id=”8._amount_of_fund_may_be_transferred_to_consolidated_fund”][vc_column_text]

The Ministry may, if it so intends, deposit the amount of fund in full or part into the consolidated fund.[/vc_column_text][vc_custom_heading text=”9. Audit Of Fund” use_theme_fonts=”yes” el_id=”9._audit_of_fund”][vc_column_text]

The audit of fund shall be performed by the Auditor General.[/vc_column_text][vc_custom_heading text=”10. Power To Frame Rules” use_theme_fonts=”yes” el_id=”10._power_to_frame_rules”][vc_column_text]

The Government of Nepal may frame Rules to implement the objectives of this Act.[/vc_column_text][vc_column_text]

(Source: Nepal Law Commission)

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