The government today approved a proposal to augment the corpus fund from Rs 750 crore to Rs 1250 crore of a national body tasked with implementing educational schemes for educationally backward minorities.
The Union Cabinet in its meeting gave the nod for augmenting the corpus fund of Maulana Azad Educational Fund (MAEF) during the 12th plan.
Out of this, a sum of Rs 160 crore will be released in this fiscal year.
The foundation is implementing its schemes out of the interest earned on its corpus fund, which is its main source of income.
The corpus fund has been provided to the foundation as part of plan assistance. The corpus fund, which stood at Rs 100 crore in 2006-07, was Rs 700 crore during the 11th Five Year Plan.
An additional provision of Rs 50 crore was made in the Budget Estimate for the year 2011-12, which took the corpus to Rs 750 crore.
MAEF was established in 1989 as a voluntary, non-political, non-profit making society registered under the Societies Registration Act, 1860.
Its main objectives are to formulate and implement educational schemes and plans for the benefit of the educationally backward minorities in particular and weaker sections in general, to facilitate establishment of residential schools, especially for girls, in order to provide modern education to them and to promote research and encourage other efforts for the benefit of educationally backward minorities.
