Univeristy Grants Commission i.e. UGC has made it mandatory for Universities to share their data of digital transactions that have been occurring in the University for the year 2017. Financial transactions are made in Universities under UGC while students are paying their education fee and salaries to lecturers and staff is being paid. Making it a compulsory thing for all the Universities to undertake only online mode of payments as their transaction criteria , University Grants Commission i.e. UGC revealed no cash transactions are allowed from 2017-2018 session onwards.
This is an evolutionary initiative taken up by UGC in the year 2017 for implementation into various Universities across the nation.
UGC Asks For Digital Transaction Details in 2017, Know More
Recently, In September 2017, University Grants Commission has demanded digital & financial transaction details from various Universities to share their data with the Commission for the sake of greater transparency in the accounts system. The initiative has taken the media by storm for making Universities undergo digitisation working under the able guidance of UGC for the year 2017 onwards.
Asking for details pertaining to the financial transactions that have happened in the year 2017 & making it mandatory to follow digital system of accepting fee from students as well as paying salaries to the staff, UGC has nailed it by introducing this decision as a compulsory step for educational institutions to follow without fail.
Universities To Go Digital Under UGC Regulations
The time has come when monetary digitisation had to be applied at a large scale to incorporate transparent and crystal clear revenues in the operating system of huge educational institutions in 2017. Who better could than UGC have done by passing on a decision that could simply grip all such institutions and Universities in its arena? All Universities under the UGC umbrella now are adapting to this latest policy and strict & vigilant norms have proposed to do the same.
Moreover, not only leaving at imposing the regulation but keeping a strict check on the same, UGC in 2017 has even asked Universities to share their data of all the financial transactions in a digitised format. Moreover, no student from the next academic session is allowed to “pay by cash” fee payment mode to the higher educational institutions. Any defiance in compliance of such a norm from 2017 onwards is then liable to undergo a legal action as per UGC norms.
The move has been initiated as per the strict guidelines issued by Ministry of Human Resource & Development i.e. at the highest level, more than that of UGC for Universities, hence, there is no scope of any loopholes to be left in the current UGC norm of financial digitisation in the year 2017.
Source : UGC