(1) The Central Government may, as and when it considers necessary, constitute an inter-State River Water Board, after consultation with the successor States, for the planning and development of inter-State rivers and river valleys.
     (2) The Inter-State River Board constituted under sub-section (1) may be entrusted with the following functions, namely:—
         (a) to examine the requirement of funds for various projects according to the programmes laid down for such projects and to advise regarding the apportionment of the expenditure to the State participating to implement such programmes keeping in view the agreement on the sharing of costs;
         (b) to decide the sharing and withdrawal of water from the reservoirs for irrigation, power and other purposes with a view to securing better use of available water;
         (c) to determine the programmes of re-settlement of displaced persons as a result of the projects; and
         (d) to approve and supervise the planning, survey and investigation, preparation of project reports and construction of joint inter-State Projects and their subsequent operation and maintenance.