Previously, each school had to maintain separate accounts and cash books for various funds, each designated for specific purposes. To streamline finances and reduce the non-teaching workload of educators, the UT education department has introduced an amalgamated fund, combining around 30 different funds previously managed under separate heads. This is the first such revision since 1996.
Under the old system, schools collected money from students in Classes 9 to 12 every month and teachers had to handle the collection and bank deposits manually. Now, these transactions will be conducted online through a portal developed by the National Informatics Centre (NIC).
The government amalgamated fund rules have received approval from the UT administrator and will be effective from August 1. Schools must submit the verified closing balance of their cashbooks by July 31, after which only online monetary transactions will be permitted, and manual transactions will be banned.
UT Director of School Education, Harsuhinderpal Singh Brar, explained, “By taking the accounts online, there will be no scope for embezzlement, and all transactions will be transparent. This change will also reduce the workload of teachers, as they will only need to maintain one online cash book for the amalgamated fund.”
Brar added that the various heads of funds, drafted back in 1996, are no longer as relevant. For example, cycle funds maintained by all schools are now outdated. Under the new amalgamated fund, there is greater flexibility in spending the money based on the schools’ needs.
The money collected under the amalgamated fund will be deposited in a personal ledger account with the UT treasury, operated by the head/principal of the school or any gazetted officer authorized by the Director of School Education. A single cash book ledger and stock register will be maintained.
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