FDE seeks explanation from colleges over lapse of funds.

ISLAMABAD -- The Federal Directorate of Education (FDE) sought explanation from principal of eight colleges over lapse of funds before closure of financial year 2020-21.

Sources said that recently, FDE's director Finance and Audit, through a letter sought justification from head of eight colleges for not utilising fund or surrendering it before the closure of the fiscal year.

The FDE officials said that 'upon scrutiny of expenditure of educational institutions it has been observed that eight colleges had surrendered over over Rs1million funds.

They said that these colleges are included Islamabad Model College for Girls (IMCG) Postgraduate F-7/2, Islamabad College for Boys (ICB) G-6/3, IMCG I-8/4, IMCB F-8/4, IMSB (VI to X) Sihala, IMCG G-10/2, IMCB Postgraduate H-8 and IMCG F-7/4.

The letter said that despite repeated instructions for surrender of saving in time or utilisation of budget before the

expiry of fiscal year, the above mentioned institutions lapsed the funds of over Rs1 million at closing of last fiscal year 2020-21.

'Utilisation of funds and surrender of saving in time is a prerequisite for Financial Management. It is therefore required to be justified as to why instructions of the Directorate have not been taken into...