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Demonetisation: HRD Ministry orders IITs, NITs to go cashless

Education

Demonetisation: HRD Ministry orders IITs, NITs to go cashless

Institutions asked to adopt digital payment modes.

By Admin 02nd Dec, 2016 03:35 pm

Post the announcement of demonetisation on November 8, a number of IITs had approached the HRD ministry to increase the cash withdrawal limit of Rs 24,000 per week as they needed much more than that amount for the maintenance of their huge campuses. Most of the IITs spend at least Rs 1 lakh on maintenance every day.

However, this move seems to have backfired and now the HRD ministry has asked all the higher educational institutions including IITs, NITs and central universities to go cashless in all their transactions. “Keeping in mind its policy towards promoting cashless transactions, the government has asked all the higher educational institutions not to make payments in cash,” said a senior HRD official confirmed the news.

Online transfer, payment through mobile wallet and other digital payment modes should be adopted at the earliest.

All institution heads have been asked to discuss the modalities and issue directions to the account sections of their institute. “This will take care of the issue arising out of the shortage of cash. It will also ensure digital platform compliance,” the official added.

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