Hard cash transactions banned for the Higher Educational Institutions!
Posted on: 09/Nov/2019 12:37:14 PM
‘Hard cash’ transactions have been banned for higher-level educational institutions such as colleges and universities!
The central government has ordered that the above institutions must carry out their financial transactions through the commercial establishment`s banks, and government institutions throughout the country by online and electronic transactions.
Subsequently, a circular has been sent to all the colleges and universities by the University Grants Commission (UGC). The circular mentions that these institutions must not undertake any ‘hard cash’ transactions henceforth.
Payments such as examination fees, academic fees, student admission fees, etc., must be made only through an online payment mode. In a similar trend, the expenses relating to the institutional infrastructure and maintenance, etc., must be undertaken only through digital transaction mode.
