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PERMANENT FINANCE COMMITTEE (PFC) |
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The International Executive Council (IEC) is assisted by the Permanent Finance Committee (PFC) in all financial matters of the Commission and aspects having significant financial implications to the Commission. It reviews the receipts and expenditures, advise the Council on the previous year’s accounts and on the budget. The PFC makes recommendations on the annual subscriptions from National Committees and Direct Members and conference support of the participating countries for the current and future years. The Committee also recommends to the Council, from time to time, ways and means of improving the financial resources of the Commission to meet the financial requirements for undertaking different programs and activities. Membership Subscription is received in US Dollars (or equivalent Euros).
The Commission is audited on an annual basis as per the Indian Accounting and Assurance Standards to be compliant Foreign Contribution (Regulation) Act 2010 [ Foreign Receipts ], and Income Tax Act 1961. The financial year for accounting/ auditing purpose is from 1 April to 31 March.
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