University fails to utilise Rs. 5 crore allotted by State government
In a major setback to the Krishna University (KRU), Machilipatnam , a whopping Rs. 5-crore fund which was allotted to it by the State government for construction of the university buildings lapsed by March 31, with the authorities failing to utilise the fund in the stipulated period.
In 2011, the State government released the amount to the KRU’s treasury account, with the instruction that the authorities were allowed to use the money before the end of the 2013-14 financial year or it would be returned to the government.
“The fund meant for construction of the university buildings got lapsed on March 31, 2014. We had to return the amount to the government according to the guidelines,” Krishna District Treasury Officer N. Nageswara Rao told The Hindu.
Following several reminders from the treasury officials, the varsity authorities sought intervention of the AP State Financial Corporation (APSFC) to avoid the lapse of the fund. However, there was no response from the APSFC in this regard.
It is believed that delay in handing over the KRU building project to the Central Public Works Department (CPWD) was one of the reasons for the failure in utilising the fund.
The lapse of the fund came as a big jolt for the university, which is grappling with the lack of adequate infrastructure even in the half-a-decade of its existence.