FSSAI notifies financial regulations, to form finance committee

Subject : Polity

Section : National body

Concept :

The Food Safety and Standards Authority of India (FSSAI) notified financial regulations on Friday.
Food Safety and Standards Authority of India Fund.
According to the FSSAI (Finance) Regulations, 2023, it will maintain a Food Safety and Standards Authority of India Fund.
This fund will include grants given to the food authority by the Central government among other
All sums such as fees, penalties and other statutory charges realised by the Food Safety and Standards Authority (including interest thereof) as a Regulatory Body may be separately accounted for and received in a Bank Account to be maintained by the Authority.
This will be audited by the Comptroller and Auditor General annually.

Finance Committee

The Finance Committee shall provide overall inputs on financial matters of the Food Authority and more specifically relating to review of:
budget of the Authority (including performance budget);
estimation of grant in aid from the Central Government and other receipts;
audit of accounts of the Food Authority through auditors appointed for this purpose;
investment of surplus funds;
advice on budget allocations for various work programmes.
The annual accounts and financial statements of the Food Safety and Standards Authority of India shall be prepared by the Chief Financial Authority, reviewed by the Finance Committee and shall be placed before the Food Authority for its consideration.