The Union Cabinet on 16 August 2017 approved the creation of a single non-lapsable corpus fund Madhyamik and Uchchtar Shiksha Kosh (MUSK) for secondary and higher education.
Under Madhyamik and Uchchtar Shiksha Kosh, all proceeds of Secondary and Higher Education Cess will be credited.
• The funds arising from the MUSK will be utilized for schemes in the education sector which would be available for the benefit of students of secondary and higher education.
• Union Ministry of Human Resource Development will be responsible for the administration and maintenance of the funds.
• Accruals from the Cess would be utilized in the ongoing schemes of Secondary and Higher Education.
• The expenditure on ongoing schemes of the Department of School Education & Literacy and Department of Higher Education will be initially incurred from the gross budgetary support (GBS) and the expenditure will be financed from the MUSK after the GBS is exhausted.
• MUSK will be maintained as a Reserve Fund in the non-interest bearing section of the Public Accounts of India.
• For Secondary Education, accruals from the Cess will be utilized in the secondary education for Rashtriya Madhyamik Shlksha Abhiyan Scheme, National Means-Cum-Merit Scholarship Scheme and National Scheme for Incentives to Girls for Secondary Education.
• For Higher Education, the accruals will be utilized for scholarship for college and university students, Rashtriya Uchchtar Shiksha Abhiyaan, National Mission on Teachers and Training.
• The funds will be operationalised as per the present arrangements under Prarambhik Shiksha Kosh (PSK) wherein the proceeds of cess are used for Sarv Shiksha Abhiyan (SSA) and Mid-Day Meal (MDM) Schemes.
When: 16 August 2017
President Ram Nath Kovind’s visit to Cyprus: Key Highlights
India records best-ever performance at Asian Games 2018: In Detail
Indus Waters Treaty: India, Pakistan agree to undertake Treaty mandated tours on both sides
Vodafone-Idea merger completed; creating India’s largest telecom service provider