Corpus fund for proceeds of education cess

The Cabinet on Wednesday approved the setting up of a single corpus fund, in which all proceeds of secondary and higher education cess will be credited. These will be utilised for the government’s schemes in the education sector.

The HRD Ministry will be responsible for the administration and maintenance of the non-lapsable pool that will be known as “Madhyamik and Uchchtar Shiksha Kosh” (MUSK).

“The funds arising from the MUSK will be utilised for schemes in the education sector which would be available for the benefit of students of secondary and higher education,” said a release.

The Cabinet also approved the creation of one post of Director and three non-teaching posts for National Institute of Technology, Andhra Pradesh.

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