(v) to extend financial and technical assistance to persons involved in research in indian system of medicine; (vi) to export medicines based on indian system; and (vii) to advocate the extensive use of indian system of medicine, 13 the corporation may request any state government to vest in it any forest area 5 acquisition of area containing herbal plants, or other area containing herbal plants at an agreed price | maintenance of accounts 14 'the corporation shall maintain correct accounts of its income and expenditure in such form and in such manner as may be prescribed audit 15 (/) the accounts of the corporation shall be audited by auditors who are qualified | as auditors of companies under the law for the time being in force relating to companies, 10 (2) every auditor while performing his duties shall have at all reasonable times j access to the books, accounts and other documents of the corporation and may for the 15 purpose of the audit, call for such-explanation and information as he may require or may examine any principal or other officer of the corporation (3) the auditors shall submit their teport together with an audited copy of the accounts of the corporation and shall also forward a copy thereof to the central government investigation by the actuaries, 16 the corporation shall, at intervals of five years, cause an investigation to be 20 made by the actuaries into the financial condition including the valuation of its assets and liabilities and submit the report of the actuaries to the central government annual report to the central govemment 17 the corporation shall, as soon as may be, after the end of each financial year prepare and submit to the central government in such form and in such manner, as may be prescirbed, a report giving an account of its activities during the previous financial year, and an account of the activities, if any, which are likely to be undertaken by the corporation in the current and the immediately following financial year reports to be laid before both houses of parliament of the corporation under section 17 to be laid before both the houses of parliament, as soon as may be, after each such report is received by the central government, indemnificating of acts, 19 (/) the chairman and every director of the board shall be indemnified by the corporation against all losses and expenses incurred by him in, or in relation to, the discharge of his duties except such as are caused by his own wilful act or default (2) any director of the board shall not be responsible for the acts of any ather director or of any other officer or other employee of the corporation, or for any loss or expenses caused to the corporation form the insufficiency or deficiency of value of or title act done in good faith 20 no suit or prosecution or other legal proceedings shall lie against the chairman or any director of the board or any employee of the corporation for anything which is, in good faith, done or intended to be done in pursuance of this aci power to make rules, 21 (/) the central government may, by notification in the official gazette, make rules to carry out the purpose of this act(2) without prejudice to the generality of the foregoing power, such rules may provided for the following matters, namely:— (a) the term of office of and the manner of filling casual vacancies among and the other terms and conditions of appointment of the directors of the corporation; (b) the composition of advisory committees and the terms and conditions of service of members thereof; (c) the additional functions which the corporation may perform; (d) the remuneration of fees payable to the members of the board of directors and the term of office of, and the manner of filling casual vacancies among such members; (e) the manner in which the corporation may invest its funds; (f) the form of the annual statement of accounts and the balance sheet to be prepared by the corporation; and (g) any other matter which has to be or may be prescribed (3) every rule made by the central government under this section, and any modification thereto shall be laid as soon as may be, after it is made, before each house of parliament while it is in session for a total period of thirty days which may be comprised in one session or in two successive sessions, and if, before the expiry of the session in which it is so laid or the session immediately following, both houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be 20 of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under the rule 22 the corporation may, subject to the condition of previous publication and with power to make regulationsthe previous approval of the central 'government, by notification in the gazette of india, make regulations not inconsistent with this act and the rules made thereunder to provide 25 for all matters for which provision is necessary or expedient for the purpose of giving effect to the provisions of this act  statement of objects and reasonsin the ancient times, india has been the leader in the medicines several systems, mostiy indigenous, were used tc cure diseases, many herbal plants were used for manufacture of medicines later allopathy system of medicine came into being allopathy system being mostly of chemicals has its own effect while temporarily curing diseases while indian system of medicine provides permanent relief, allopathy system provides only temporary relief moreover, allopathy system has its own side effects which spoil the body system further the system is costlier also and poor people cannot afford to use this system india has immense resources of herbal plants they have not been properly explored and exploited it is a sad commentary that many american and european countries have obtained patent in respect of herbal plants available in our country only these herbals can cure even serious diseases if properly processed {rdia has signed several patent agreements by which our country will have to cbtain patent rights to manufacture even ordinary medicines therefore, there is every possibility that prices of medicines will shoot up after some years india has to wake up from deep slumber if corrective measures are not taken immediately, other countries will obtain patent rights in respect of our herbals and we may have to pay a huge price for obtaining manufacturing and processing rights moreover, there is a huge potential for export of indian system of medicines, therefore, it is proposed to establish a corporation exclusively to promote and develop indian system of medicines new devut; subodh mohite july 28, 2000 financial memorandumclause 3 provides for establishment of an indian medicine development corporation and its offices and branches clause 4 of the bill provides for an initial paid up capital of rupees ten thousand crore for the proposed indian medicine development corporation the bill further provides fer appointment of chairman, board of directors, _ managing director, secretary and other officers, 'the bill, therefore, if enacted will involve expenditure from the consolidated fund of india it is likely to incur an expenditure to the tune of about rupees five hundred crore per annum a non-recuiting expenditure of about rupees eleven thousand crore will also be involved memorandum regarding delegated legislationclause 21 of the bill empowers the central g out the purposes of the bill clause 22 em overnment to make rules for carrying powers the corporation to frame regulations as only, the delegation of legislative power is of a the rules will relate to matters of detail normal character + 