Rule 27. Duties and functions of the Board

(1) In addition to the sub-section (6) of the Section 7 of the Code on Social Security, 2020, the Board shall be responsible for,-(i) all matters related to the management and administration of the Fund and all related matters in accordance with the Code and rules, applicable for the purpose, including setting policies for the allocation of funds in it;

(ii) proper maintenance of accounts and its annual audit;

(iii) collection of contribution and other charges in the fund;

(iv) appointing committees for disposal of the business of the Board or advice in various matters pertaining to the objects of the Board;

(v) hearing and deal with the complaints;

(vi) securing the fulfillment of any contract and agreement entered into;

(vii) authorizing any person to enter into negotiations and execute contracts and to rescind and vary all such contracts;

(viii) opening account with the Bank authorize officers of the Board to operate on them as well as draw, accept, endorse and execute cheques, bills of exchange etc. on behalf of the Board;

(ix) laying down rules for affixation and safe custody of common seal of the Board;

(x) the fund's assets to be invested in nationalized banks and government securities.

(2) (i) the Board shall prepare in such form and such time each financial year, its budget for the next financial year, showing the estimated receipts and expenditure of the Board and forward the same, to the State Government and the Central Government;

(ii) the Board shall prepare its annual report and audited accounts, giving a full account of its activities during the previous financial year and submit a copy thereof to the State Government;

(iii) the Board, shall, from time to time furnish such information as may be required by the Central Government or the State Government.