PANAJI
Managements of aided High Schools and Higher Secondary Schools have been asked to deposit into the State treasury interest accrued to their accounts on funds received from the government since 2022.
A circular issued by DoE Shailesh Zingde in early August had directed the managements to deposit these monies into the State treasury by August 16 and furnish the challan copies to the department by Tuesday (August 20).
Zingde in the circular has asked the schools' managers or heads to credit the interest accrued from September 2022 to June 2024 back to the government treasury before August 16.
"Accordingly, the challan copy has to be furnished by the Head of the Institutions on or before 20/08/2024 (August 20)," Zingde said in the circular which he had issued on August 12.
Interestingly, this requirement for schools to revert interest accrued if any back to the State treasury has happened for the first time, a representative of an aided school's management told The Goan.
"It is ridiculous. Grants, except for salary grants, are always disbursed late and in any case much after the expenditure is already incurred by the school which arranges funds from other sources. The Department does not give any interest for delayed disbursal of grants," said the head of another institution when contacted.
Maintenance grants and other grants are often disbursed after the expenditure is incurred, he said, adding that on several occasions the management has to resort to credit and pay interest on it.
Meanwhile, sources in the DoE said the move to recover the interest which may be earned by school managements on grants received from the government is prompted by an instruction received from the Finance Department based on audit observations.
Schools may be allowed grace time to comply, the source said.
