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Demonetisation: IITs, NITs to Go Cashless for Fees & Maintenance

Demonetisation: IITs, NITs to Go Cashless for Fees & Maintenance

The Ministry of Human Resource and Development (MHRD) has advised all the higher educational institutions in the country including Indian Institutes of Technology (IITs), National Institutes of Technology (NITs) and central universities to go cashless in all the transactions. The decision taken by the ministry reveals that it is giving more emphasis to a digital platform.

Also read: - NIT Srinagar Plans to Resume Classes from Last Week of November 2016

Recently, the officials of some of the IITs approached the ministry seeking relaxation from the withdrawal limit of cash to Rs. 24,000 per week. They claimed that institutes have to spend a high amount on basic maintenance of their huge campuses almost on a regular basis. Since the government’s idea was to promote fewer cash transactions, HRD Ministry directed all the higher educational institutions to adopt online transactions & not to make payments in cash.

Also read: - Demonetization: Students Can Pay School and College Fees by Using Old Rs. 500 Notes

The institutes have to adopt various modes of payment such as online transfer and payment with the help of a mobile wallet irrespective of who the payee is. For this purpose, all the heads of the institutions must assemble for a meeting to discuss possibilities and issue directions to the account sections of their respective institutes. If all the institutes adopt online transfer and payments, it will solve the problem of cash shortage and will lay a basis towards a digital platform.

On the other hand, some of the officials of various IITs requested the ministry has to take up the issue regarding withdrawal restrictions with the finance ministry. They mentioned that most of the IITs spend Rs, 1,00,000 on a daily basis for maintenance.

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Demonetisation: IITs, NITs to Go Cashless for Fees & Maintenance | CollegeDekho