Refund interest gained against grants, aids: UGC to universities

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.