Refund Interest Gained Against Grants, Aids: UGC To Universities
New Delhi:
The University Grants Commission (UGC) has asked all the varsities to refund the interest against grants or aids released to them. "All interests earned against grants-in-aid released to university should be mandatorily remitted to the UGC account after finalisation of accounts. Any interests earned out of grants-in-aid should not be treated as additional funds over and above the allocation," the commission said in a communication to registrars of all varsities.
The UGC has asked the universities to refund the amount at the earliest and send compliance report to it.
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