(1) As from such date as the Central Government may, by notification in the Official Gazette, appoint in this behalf, all revenues received in ¹ [the Union territory] by the Government of India or the Administrator of the Union territory in relation to any matter with respect to which the Legislative Assembly of the Union territory has power to make laws, and all grants made and ²[all loans advanced to the Union territory from the Consolidated Fund of India and all loans raised by the Government of India or the Administrator of the Union territory upon the security of the Consolidated Fund of the Union territory] and all moneys received by the Union territory in repayment of loans shall form one Consolidated Fund to be entitled "the Consolidated Fund of the Union territory".
     (2) No moneys out of the Consolidated Fund of ¹[the Union territory] shall be appropriated except in accordance with, and for the purposes and in the manner provided in, this Act.
     (3) The custody of the Consolidated Fund of ¹[the Union territory], the payment of moneys into such Fund, the withdrawal of moneys therefrom and all other matters connected with or ancillary to those matters shall be regulated by rules made by the Administrator with the approval of the President.