Home » Engineering Education » Private engineering colleges under scanner for taking old 500, 1000-rupee notes

Private engineering colleges under scanner for taking old 500, 1000-rupee notes

Recent Posts

1600+ followers in 4 Months…

1300+ followers in 2 Months...

Click here to connect...1600+ followers in 4 Months...

Categories

For WhatsApp promotional Post +91 9387831970

Enter your email address to follow this web portal and receive notifications of new posts by email / unsubscribe at anytime...We don’t do spam

17th International Conference for Women Engineers and Scientists (ICWES17) – New Delhi, 5th-7th October, 2017

Click image for more details

Click here to go back to Homepage

Portal Stats

  • 583,743 hits

Neelam Pandey  |  Hindustan Times | New Delhi Dec 20, 2016 |

Private engineering colleges could face tax investigation for accepting advance fee in demonetised Rs 500 and Rs 1,000 notes, and derecognition if found guilty. The government’s crackdown follows information from intelligence agencies that several institutes were taking scrapped notes for student fee in advance, triggering suspicion that many people are taking this route to legalise their unaccounted-for cash, a source said.  The human resource development (HRD) ministry has asked the All India Council for Technical Education (AICTE), the regulator that grants approvals to engineering institutes, to investigate. The income tax department will be alerted too.

The AICTE rules don’t allow institutes to collect advance fee.  The regulator decided at a meeting recently that action would be taken against any institute, including penal action such as derecognition, if found guilty. There are close to 3,000 private engineering institutes in the country offering diploma, BTech, MTech and allied courses. Fee in such colleges ranges between Rs 1 and Rs 2 lakh a year. A source said income tax authorities will step in to initiate action against violators. “It is a clear case of collusion between the person offering to give advance fee and the institute accepting the money. Income tax officials will check their accounts.” The regulator is planning to open a complaint cell page on its website for people to report such cases. The Narendra Modi government’s shock decision in November to recall the two high-value notes has prompted tax dodgers to look for channels in which the old bills could be given legal validity. Tax sleuths and law-enforcement agencies were conducting regular checks to prevent such activities. The HRD ministry is promoting cashless transactions in all institutes, including IITs and NITs, in line with the government’s demonetisation move. –  Courtesy

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

About

Engineering, Science & Technology Resources Portal... Where Teaching and Learning in a Networked World…

Category

Archives