law: All India Council for Technical Education Act, 1987
  
  16. Fund of the Council.- 
  (1)
  
  The Council shall have its own Fund: and all sums which may, from time to time,
  
  be paid to it by the Central Government and all the receipts of the Council
  
  (including any sum which any State Government or any other authority or person
  
  may hand over to the Council) shall be credited to the Fund and all payments by
  
  the Council shall be made there from.
  (2)
  
  All moneys belonging to the Fund shall be deposited in such banks or invested
  
  in such manner as may, subject to the approval of the Central Government, be
  
  decided by the Council.
  (3)
  
  The Council may spend such sums as it thinks fit for performing its functions
  
  under this Act, and such sums shall be treated as expenditure payable out of
  
  the Fund of the Council.