UPSC Express

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:

1. Interest subsidy on education loans
2. Education credit guarantee fund
3. Scholarship schemes
4. Girls’ education schemes
5. 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.