6. Administration of funds vested in Central Board.–

(1) The Central Board shall administer the funds vested in it in accordance with the guidelines issued by the Central Government.

(2) The Central Board for the efficient administration of the schemes may open as many accounts as it may consider necessary or as specified in the schemes.

(3) All moneys belonging to the funds shall be deposited in the Reserve Bank of India or the State Bank of India or in such other Scheduled Banks as may be approved by the Central Government from time to time or shall be invested as the Central Government may, by notification in the Official Gazette, Specify.

(4) All expenses incurred in respect of, and loss, if any, arising from any investment shall be charged to the funds.

(5) The funds, not including therein the administration account, shall not be expended for any purpose other than the payment of the sums standing to the credit of individual members of the funds or to their nominees or heirs or legal representatives in accordance with the provisions of respective schemes.

(6) The funds shall be operated upon by such officers as may be authorised in this behalf by the Central Board.