Section 16. Funds of Regulating Authorities.

(1) There shall be a separate fund of each of the Regulating Authority. (2) The funds of the said authorities shall consist of,- (i) process fees payable by a Private Professional Educational Institution; (ii) interest on deposits; (iii) grants from the State Government, Central Government and the University Grants Commission and other Institutions (if any). (3) The Regulating Authorities may charge process fee for conduct of CET and charges for fixation of fees, etc., as may be decided from time to time by the said authorities. The process fee for each year may be decided by the concerned authorities considering their day to day expenditure including salaries, allowances, administrative expenses, honorarium, infrastructural needs and any other activity in pursuance of its function, etc. (4) The concerned authorities shall open separate bank account in nationalized bank and meet their expenses from the receipts.