Mangalore University admits to misuse of Rs 7 crore RUSA funds: Report
Mangaluru: The Mangalore University has reportedly admitted to the misuse of funds amounting to Rs 7 crore released by the Central government under the Rashtriya Uchchatar Shiksha Abhiyan (RUSA-I) for the construction of boys’ and girls’ hostels.
According to a report in Deccan Herald on Wednesday, the university, in a reply to the Karnataka State Higher Education Council (KSHEC), stated that the utilisation certificate submitted earlier to the government was false.
As per the university’s institutional development plan, Rs 7 crore had been released for constructing separate hostels for boys and girls. However, during an inspection by an expert committee constituted by the KSHEC, it was found that no construction work had taken place. The funds were disbursed between 2013 and 2017 under RUSA-I. The University, in total, had received Rs 20 crore for the project.
Committee members were reportedly shocked to find no hostel buildings on the campus. When asked to produce relevant documents, university authorities allegedly attempted to mislead the team by claiming that the funds had been diverted for the construction of an international hostel instead.
Interestingly, the utilisation certificate submitted to the Higher Education Department, cited by DH, had claimed that both boys’ and girls’ hostels had been constructed.
The issue was subsequently placed before the State Project Director (SPD) meeting, chaired by the Principal Secretary of the Higher Education Department. Following deliberations, a show-cause notice was issued to the university authorities.
The Higher Education Council also recommended recovery of the funds misused by the university and also to impose penalties.
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Rupee falls 9 paise to all-time low of 90.58 against US dollar in early trade
Mumbai (PTI): Rupee depreciated 9 paise to an all-time low of 90.58 against US dollar in early trade on Monday, weighed down by uncertainty over an India-US trade deal and persistent foreign fund outflows.
Forex traders said rupee is trading with a negative bias as investors are in wait and watch mode and awaiting cues from the India-US trade deal front.
At the interbank foreign exchange market, the rupee opened at 90.53 against the US dollar, then fell further to an all-time intraday low of 90.58 against the greenback, registering a fall of 9 paise over its previous close.
On Friday, the rupee had slipped 17 paise to close at an all-time low of 90.49 against the American currency.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent lower at 98.35.
Brent crude, the global oil benchmark, was trading higher by 0.52 per cent at USD 61.44 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex was trading 298.86 points lower at 84,968.80, while the Nifty was down 121.40 points at 25,925.55.
Foreign Institutional Investors sold equities worth Rs 1,114.22 crore on Friday, according to exchange data.
"FPIs continue to be in selling mode in equity and debt while RBI has been selling dollars to fund their long positions," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
