Refund interest gained against grants, aids: UGC to universities

“All interests earned against grants-in-aid released to university should be mandatorily remitted to the UGC account after finalisation of accounts,” the commission said in a communication to registrars of all varsities

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.