Utilisation of Fund.

Section 58

(1) All sums credited to the Fund shall be utilised by the Government for the welfare of the consumers in such manner as may be prescribed.

(2) The Government or the authority specified by it shall maintain proper and separate account and other relevant records in relation to the Fund and prepare an annual statement of accounts in such form as may be prescribed in consultation with the Comptroller and Auditor General of India.

AI Explanation

Utilization of Fund for Consumer Welfare

The government is required to use all funds credited to the Fund for the benefit of consumers. The specific manner in which this should be done will be outlined in the prescribed guidelines.

Account Maintenance and Annual Reporting

The government or its specified authority must keep accurate and separate records related to the Fund. These records include accounts and other relevant documents. Annually, an account statement must be prepared, following a prescribed format. This process is carried out in consultation with the Comptroller and Auditor General of India.