State Act

THE KARNATAKA AGRICULTURAL PRODUCE MARKETING (REGULATION AND DEVELOPMENT) ACT, 1966

1[64-D. Establishment of Market Development Assistance Fund.- (1) The State Government shall establish a fund called as the Market Development Assistance Fund. The Agricultural Produce Market Committees shall remit to the said fund not less than 5% of revenue collected from market fee and license fee, before 15th of every month. (2) The Market Development Assistance Fund shall be administered by a committee consisting of the following members, namely:– (i) The Minister for Agricultural Marketing Ex-officio Chairperson (ii) The Secretary to Government, Department of Co-operation Ex-officio Member (iii) The Secretary to Government, Finance Department Ex-officio Member (iv) The Director, Agricultural Marketing and Ex-Officio Managing Director of the Karnataka State Agricultural Marketing Board Ex-officio Member Secretary (3) The Managing Director of the Karnataka State Agricultural Marketing Board shall operate the said fund which shall be kept or invested in a Scheduled Bank. (4) The accounts relating to the fund shall be prepared annually and audited by the State Audit and Accounts Department. Such audited accounts report shall be submitted to the State Government for approval.