Madhyamik and Uchchatar Shiksha Kosh (MUSK)
- A single non-lapsable corpus fund Madhyamik and Uchchatar Shiksha Kosh (MUSK) will work as a repository for the revenue of the Secondary and Higher Education Cess.
- It will be inducted to help the education schemes for which demand exceeds budgetary allocations.
- A non-lapsable reserve fund means that if the amount collected is not utilized it would be carried forward to the next financial years.
- The HRD Ministry will be responsible for the administration and maintenance of MUSK.
- The fund will cater the following schemes:
- Interest subsidy on education loans
- Education credit guarantee fund
- Scholarship schemes
- Girls’ education schemes
- Higher education funds in states.
- MUSK is similar to Prarambhik Shiksha Kosh (PSK) which was in place to fund elementary education schemes such as Sarva Shikha Abhiyan (education for all) for which the government collects a separate 2% cess.