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On approval of a project, the funds will be released in 3 installments ie. 40:40:20. Funds towards release will be disbursed directly to the selected PIAS by electronic transfer in the account of the PIA.
8.2 Installment pattern for fund release in respect of projects will be as follows: 1. 1st Installment :
The first installment (i.e. 40% of the project cost) will be released after the approval of the project and catering into a Memorandum of Understanding (MOU) between parties. The PIA will also furnish a bond and the bank details in prescribed format.
2. IInd Installment:
The 2nd installment of 40% of project cost will be released subject to the compliance with the following:
Audited Utilization of 90% of the 1stinstalment supported by an audited utilization certificate and
a.
b.
C.
d.
(6)
On-site inspection of works by the Authorized Agency.
Submission of audit reports.
Submission of Photographs of works undertaken.
C.
d.
3. IIIrd Installment :
The 3rd and final installment of 20% of project cost will be released subject to the compliance with the following:
a.
The project completion report with photographs.
b.
Audited Utilization Certificate for the entire 80% funds released in 1st and 2nd Installments.
Audited accounts with auditor's report.
Deliverables as required in the projects are met and is verified by the Authorized Agency through random physical verification.
8.3 In case of fellowships, the funds also will be released as follows:
(a) The rates for Senior Research Fellow as per University Grants Commission will be applicable. The Fellowship will be awarded for three years. Fellowship for 1st and 2nd year will be @ Rs. 25,000/p. m. and for 3'd year (@Rs. 28,000/- p.m. depending on the progress of research work.
(b) The Fellowship would be admissible maximum for 3 years. If the research
is not completed within 3 years, it may be extended by maximum one year more (@Rs. 28,000/- p.m. with the approval of competent authority on the merit of the case and progress of Research Work.
(c) The funds will be transferred on half-yearly basis (Fellowship for 6 months.
in one go) in the bank account of the student directly by the Ministry through e-transfer. First, fund of first year would be transferred in the bank
Minority Be
