ASI Constitution: Article IV : Finance

ASI Constitution: Article IV : Finance

1. The admission fee and subscription for each category of membership shall be as follows:

2. The annual subscription shall be for the calendar year. Subscription for a calendar year shall become due on the 1st day of that calendar year. The financial year shall also coincide with the calendar year.

3. To meet day to day expenditure the Treasurer may keep a reasonably small amount with him as cash, but the bulk of the sums received by the Treasurer on behalf of the Society will be deposited in Bank Accounts in the name of the Society in any of the nationalized Banks. These bank accounts shall be operated by the Treasurer jointly with the Secretary, or President. Out of the budgetted provision, disbursements below Rs.2000/- under any `Head' may be authorized either by the President or the Secretary, but individual disbursements exceeding Rs.2000/- must be approved by both the President and the Secretary. The Council may, however, from time to time authorize one or more members of the Society to singly or jointly operate subsidiary accounts of the Society for specific purposes e.g., for each one of its publications. In such cases, subject to the availability of funds, the budgeted amounts for the particular activities shall be transferred to the respective subsidiary accounts by the Treasurer. The person(s) appointed by the Council to operate these subsidiary accounts shall be authorized to make payments not exceeding the budgetted provisions for the respective Head of the subsidiary account, and at the end of each financial year they shall submit the vouchers and statement of Income and Expenditure of their subsidiary account to the Treasurer for inclusion in the annual statement of the accounts of the Society. Whenever necessary the Executive Council may delegate the disbursing power of the Secretary to the Joint-Secretary or any other member of the Executive Council at the place of the Treasurer and authorize him/her to operate the Accounts of the Society jointly with the Treasurer.

4. The accounts and vouchers of the receipts and expenditure of the Society shall be subject to the scrutiny of the standing Finance Committee of the Council at such intervals as the Council may prescribe and shall be subject to the annual audit. The annual statements of the accounts, shall, after professional audit, be printed in the Report of the Society.

5. All sums received as donations, Donor and Life Membership fees and Admission Fees, and any other sums allocated by the Council would constitute a Reserve Fund and generally only the interest therefrom shall be available for the general expenditure of the Society; this rule will however not apply to gifts and donations obtained for specific purposes.

6. All securities and moneys, which are the property of the Society, shall be deposited for safe custody in any nationalised bank in India.

7. The funds of the Society shall be spent for the attaianment of the objects of the Society and no portion thereof shall be paid or transferred directly or indirectly to any of its members through any mean except as provided in para (8) following.

8. The President may approve payment of travel grants to the members of the Council, of the Nominating Committee, and of any subcommittee formed by the Council for attending the meeting of the body concerned. Travel grants may also be granted to members of the Society for attending Scientific meetings of the Society and presenting papers thereat.

* In exercise of this power, with effect from 1981 the Executive Council of ASI fixed the annual subscription rates as Rs.25/-, Rs.25/- and Rs.10/- for Regular, Associate, and Student members, respectively. The lumpsum amount to be paid for Life Membership was fixed at Rs.400/-, but members got a discount of total subscription amount paid by them as Regular Members.

In exercise of the same power, with effect from 1996, the Executive Council of ASI has fixed the annual subscription rates as Rs.25/- for admission along with Rs.50/-, Rs.50/- and Rs.25/- for Regular, Associate and Student members, respectively. One-time subscription of Rs.1000/- has been fixed for the Life members and one-time subscription of Rs.5000/- has been fixed for the Donor members. The annual subscription for the Institutional members has been fixed as Rs.10,000/-.

Further, with effect from 1996, the Executive Council has fixed the annual subscription rates for the overseas members as given below:

The admission fee is fixed as US$ 5/- along with US$ 25/- and US$ 25/- for Regular and Associate members respectively. Student members are not admitted from overseas. One-time subscription of US$ 250/- has been fixed for the Life members and one-time subscription of US$ 500/- has been fixed for the Donor members. The annual subscription for the Institutional members has been fixed as US$ 750/-.

The Executive Council of ASI has fixed the subscription rates with effect from 1998 as follows: Rs. 50/- for admission, Rs. 200/- per annum for Regular and Associate members, Rs. 100/- per annum for Student members, Rs. 1000/- (one-time) for life membership, Rs. 10000/- (one-time) for donor membership, Rs. 100000/- (one-time) for Institutional membership. The rates for overseas members remain as above.