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University Grants Commission - Sri Lanka

Commission Circular No: 805

10th July, 2002.

 

Vice-Chancellors of Universities,
Rectors of Campuses,
Directors of Institutes.

 

UTILIZATION OF INCOME DERIVED FROM VIOLATION OF AGREEMENTS AND BONDS ENTERED INTO WITH UNIVERSITIES BY TEACHERS
WHO HAVE GONE ON STUDY LEAVE


Your attention is invited to Commission Circular No. 737 of 18th August, 1998 on the procedures to be followed in the utilization of income derived from violated agreements and bonds.



At the meetings held with the officials of the Treasury on the 3rd, 4th and 7th June 2002 to discuss the financial problems faced by the Universities, the Treasury recommended that part of the funds placed in investments by the Universities from the recoveries of Bond violations, should be withdrawn to meet the shortfall of funds in the Universities.



The University Grants Commission at its meeting held on 10th July, 2002 granted approval to the recommendation of the Treasury, to enable the Higher Educational Institutions to utilize the funds generated from violated bonds and agreements, towards meeting the shortfall of funds in the HEIs.



Accordingly, not only the "Interest Income" generated from the investment of Bond violation funds as mentioned in paragraph I of Circular No.737, but the capital invested also may be withdrawn wherever necessary to meet the shortfall in funds.

This circular will come into force with immediate effect, until further notice.

Other purposes for which the income from bond violations may be utilized, as mentioned in Circular No. 737, remain unchanged. ( See Annex )

 

(Prof. B.R.R.N Mendis- Chairman)

Cc:

  • Chairman/UGC
  • Vice-Chairman/UGC
  • Members of the UGC
  • Secretary/UGC
  • Deans of Faculties
  • Registrars of Universites
  • Financial Controller/UGC
  • Bursars of Universities
  • Librarians/SAL/AL of the Higher Educational Institutions/Institutes ;
  • Snr. Asst.Registrars/Asst.Registrars of HEIs/Campuses
  • Snr. Asst.Bursars/Asst.Bursars of HEIs/Campuses
  • Chief Internal Audi tor/UGC
  • Govt. Audit Superintendents of Universities
  • Snr. Asst.Int. Auditors/Asst.Int.Auditors of HEIs
  • Secretaries of Trade Unions
  • Auditor-General

File No. UGC/CIA/F/VBR/1

 

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