State Act

The Maharashtra Village Panchayats Act.

133. District Village Development Fund.— In each district, there shall be established out of the contributions made by panchayats under sub-section (3) of section 62, a fund to be called the District Village Development Fund. The fund shall vest in such officer or authority 1[(including any officer or authority of the Zilla Parishad or of Panchayat Samiti concerned)] and shall be invested in such manner as may be prescribed. The fund shall be utilised for the purpose of granting loans to panchayats and the payment of interest on contributions made by panchayats 2[and with the sanction of the Commissioner, for meeting expenditure on staff engaged for operating the fund and on all charges incidental thereto, such as printing, stationery, stamps and the like]. The State Government shall make rules prescribing from time to time the purposes for which such loans may be granted, the terms and conditions (including the rate of interest) on which such loans may be made, the period therefor, the manner of repayment, and all matters incidental to the grant of such loans.