Panjab University’s (PU) Board of Finance (BoF), in a meeting held on Thursday, approved a budget of Rs 506.55 crore for the year 2014-15. The varsity has received Rs 110 crore as interim grant from the central government. The remaining amount of Rs 53 crore, which is required to meet the deficit, is yet to be released.
The meeting, presided over by the PU V-C Professor Arun Kumar Grover, was attended by PU Registrar Professor A K Bhandari and representatives of the Punjab government and the UT Administration.
The board approved Rs 3 crore for the construction of a hostel for women research scholars in the varsity. The hostel will be built over an area of 80,000 square feet in PU’s south campus after the PU Syndicate approves the proposal.
“We are expecting that PU becomes part of the plan and non-plan budget of the Union Government,” said Professor Grover while addressing the meeting. He added that PU had received funds from the University Grants Commission (UGC) unlike previous years when it used to get funds from the central government Government of India through the UT Administration.
In a new move, PU has decided to segregate the non-plan and plan budget this year, with a major portion of the budget presented being the non-plan budget.
In a decision to benefit Panjab University employees, the Board also approved the proposal according to which the Dearness Allowance (DA) will be allowed on the notification issued by the central government from time to time.
The move will cut down the inordinate delay due to the current practice of waiting for a notification from the state government.
The other funds approved during the meeting included a sanction of Rs 1 crore for the construction of an academic block at PU Regional Centre in Muktsar, and Rs 68.66 lakh for renovation of the library at Vishveshvaranand Vishwa Bandhu Institute of Sanskrit and Indological Studies, PU, at Hoshiarpur.
“Some standard budget heads have been created this year and the budget is based on actual requirements,” said Finance and Development Officer (FDO) Vikram Nayyar, while adding that austerity measures implemented by the Panjab University have resulted in lesser expenditure than projections in the previous year estimate.