(1) The Vice-Chancellor may, after full investigation, and on the recommendations of Finance Committee, authorise the write off or loss of equipments and other assets on account of age or non-serviceability.
(2) The Vice-Chancellor or designated officials shall ensure that all records on account of capital acquisitions and supplies or purchase have been maintained properly.
(3) When any fixed asset is acquired, a copy of the voucher shall be forwarded to the concerned officer for record and reference and the University shall prepare an inventory of the capital items held by it at the end of each financial year.
(4) When an asset is written off but has disposable value, the University shall try to dispose it off to its best advantage on “as is where is” basis including by calling for sealed tenders or quotations where deemed necessary.
(5) A list of all items written off in a financial year along with proper justification shall be maintained.
Interim general provision
15. Till such time as all the authorities or bodies or procedures or regulations are put in place, the decision in all financial matters and to the extent not provided for in the Statutes may be approved by the Governing Board on the recommendations of the Finance Committee.
Procurement: General guidelines