Grants by Central Government
50. The Central Government may, after due appropriation made by Parliament by law in this behalf, make
to the Commission grants of such sums of money as the Government may think fit for being utilised for
the purposes of this Act.
Constitution of Fund
51. (1) There shall be constituted a fund to be called the "Competition Fund" and there shall be credited
thereto—
(a) all Government grants received by the Commission;
(b) the monies received as costs from parties to proceedings before the Commission;
(d) the fees received under this Act;
(e) the interest accrued on the amounts referred to in clauses (a) to (c).
(2) The Fund shall be applied for meeting—
(a) the salaries and allowances payable to the Chairperson and other Members and the
administrative expenses including the salaries, allowances and pension payable to the
Director General, Additional, Joint, Deputy or Assistant Directors General, the Registrar and"
officers and other employees of the Commission;
(b) the other expenses of the Commission in connection with the discharge of its functions and
for the purposes of this Act.
(3) The Fund shall be administered by a committee of such Members of the Commission as may be
determined by the Chairperson.
(4) The committee appointed under sub-section (3) shall spend monies out of the Fund for carrying out
the objects for which the Fund has been constituted.
Accounts and Audit
52. (1)The Commission shall maintain proper accounts and other relevant records and prepare an annual
statement of accounts in such form as may be prescribed by the Central Government in consultation with
the Comptroller and Auditor-General of India.
(2) The accounts of the Commission shall be audited by the Comptroller and Auditor-General of India at
such intervals as may be specified by him and any expenditure incurred in connection with such audit
shall be payable by the Commission to the Comptroller and Auditor-General of India.
Explanation.—For the removal of doubts, it is hereby declared that the orders of the Commission, being
matters appealable to the Supreme Court, shall not be subject to audit under this section.
(3) The Comptroller and Auditor-General of India and any other person appointed by him in connection
with the audit of the accounts of the Commission shall have the same rights, privileges and authority in
connection with such audit as the Comptroller and Auditor-General of India generally has, in connection
with the audit of the Government accounts and, in particular, shall have the right to demand the
production of books, accounts, connected vouchers and other documents and papers and to inspect any
of the offices of the Commission.
(4) The accounts of the Commission as certified by the Comptroller and Auditor-General of India or any
other person appointed by him in this behalf together with the audit report thereon shall be forwarded
annually to the Central Government and that Government shall cause the same to be laid before each
House of Parliament.
Furnishing of returns, etc., to Central Government
53. (1) The Commission shall furnish to the Central Government at such time and in such form and
manner as may be prescribed or as the Central Government may direct, such returns and statements and
such particulars in regard to any proposed or existing measures for the promotion of competition
advocacy, creating awareness and imparting training about competition issues, as the Central
Government may, from time to time, require.
(2) The Commission shall prepare once in every year, in such form and at such time as may be
prescribed, an annual report giving a true and full account of its activities during the previous year and
copies of the report shall be forwarded to the Central Government.
(3) A copy of the report received under sub-section (2) shall be laid, as soon as may be after it is
received, before each House of Parliament.