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.
