Refund interest gained against grants, aids: UGC to universities

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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.