Karnataka - Mysore   

Gold price pinches Mysore varsity

MYSORE: The skyrocketing price of gold has put many universities in a tight spot over awarding gold medals to rank-holders.

Universities are finding it difficult to gold-plate medals with the existing endowments instituted by various individuals and organisations.

The University of Mysore, one of the oldest universities in the country, too is feeling the pinch. The university, which has been awarding gold medals since 1918, has been considering giving away cash prizes to meritorious students instead of gold medals if the endowments are not hiked soon.

Recently, at an Academic Council meeting of the university, a decision was taken to hike the endowment for gold medals from Rs. 40,000 to Rs. 1 lakh. The university spends around Rs. 4,500 for gold-plating a medal, but the interest on the existing endowment does not exceed Rs. 1,500.

“The university has decided to increase the endowment for gold medals and donors will be informed shortly,” disclosed V.G. Talawar, Vice-Chancellor.

Speaking to The Hindu, Dr. Talawar said that the minimum deposit required to bring an annual interest for purchasing gold was Rs. 1 lakh at the current rate. Acknowledging that the escalating price of gold is worrying, he said, “It is difficult to get the gold plating done from the interest accrued on the existing endowment as the sum is very low in many cases. How is it possible to award a gold medal from an endowment of Rs. 300?”

“I'm pretty sure not many will respond as the amount had been deposited decades ago in many cases. However, we are hoping that a few of them will respond positively,” the Vice-Chancellor said.

Dr. Talawar said that the university had awarded gold medals in the last convocation despite the price of gold hitting an all-time high. “The university used some grants to fund the gold plating so that the practice of awarding gold medals continued,” he said. The minimum deposit for instituting a gold medal will henceforth be Rs. 1 lakh. The statute in this regard has been prepared. The approval for a formal announcement in this regard is awaited, Dr. Talawar said.

“If the endowment amount is low and donors do not agree to increase the amount soon, the university will consider the option of giving cash prizes given instead of gold medals. A decision will be taken only after writing to the donors and discussing the matter with the authorities,” the Vice-Chancellor said.

Sources in the university said about 180 gold medals have been instituted in the university, which are given during the annual convocation.

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