Business Daily from THE HINDU group of publications
Thursday, Jul 06, 2006
Business Daily from THE HINDU group of publications Thursday, Jul 06, 2006 |
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Industry & Economy
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Education New rules likely for foreign varsities setting up shop here Ambarish Mukherjee
New Delhi , July 5 The Government is planning to stipulate a minimum capitalisation norm of Rs 10 crore for foreign educational institutions setting up shop in India. These institutions will also have to get mandatory registration as Foreign Education Provider (FEP) with the Ministry of Human Resources and Development (HRD). They will need to submit a no-objection certificate (NOC) from the respective embassy or the consulate of the country of origin. This would be applicable to all foreign institutions providing university-level education through conventional methods and the franchisee model will not be allowed, officials told Business Line. The Cabinet Committee on Economic Affairs (CCEA) would be taking up the proposal for consideration on Thursday. The Bill would be called Foreign Education Institution (Regulation of Entry and Operation, Maintenance of Quality and Prevention of Commercialisation) Bill 2006 and would be placed before the CCEA, following which the Government plans to introduce it in Parliament in the monsoon session, the sources said. The Bill states that apart from getting FEP registration, these institutions would have to get deemed University status under the UGC Act. All institutions would not be granted registration even if they fulfil minimum capitalisation norm. To guard against fly-by-night operators, only institutions established under valid foreign laws accredited by the competent authorities in their home country would be allowed to set up base in India, the sources said.
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