Demonetisation blues: IITs seek relaxation of Rs 24k cash withdrawal limit
Some of the IITs have approached the HRD ministry seeking relaxation from the cash withdrawal limit norm of Rs 24,000 per week as they have to spend substantial amount on maintenance of their huge campuses on a daily basis.india Updated: Nov 23, 2016 00:42 IST
The Indian Institutes of Technology (IITs) too are feeling the heat after the government’s demonetisation move.
Some of them have approached the HRD ministry seeking relaxation from the cash withdrawal limit norm of Rs 24,000 per week as they have to spend substantial amount on maintenance of their huge campuses on a daily basis.
According to sources, cash crunch has affected the maintenance work on the campuses.
“IITs conduct conferences and workshops on a daily basis which are attended by thousands of students and faculty members. These are fixed in advance and they are likely to get affected due to the restriction on cash withdrawal,” said a source. There are 23 IITs in the country. A number of them incur an expenditure of over Rs 1 lakh every day.
The IITs have requested the human resource development ministry to take up the issue with the finance ministry.
A senior HRD official said they will examine the issue and decide whether to take it up with the ministry.
“The cash withdrawal limits set by the RBI will result in total dislocation of the activities undertaken by IITs,” said a source.
A number of experts and industry insider maintained that the Centre’s decision to withdraw high-value bank notes will also affect education institutions that charge capitation fee for admissions.