Donations made to XIMB shall qualify for deduction under section 80G of the Income Tax Act, 1961, in the hands of the donor, to an extent of 50% of the donations. The 80G certificate will be sent to all donors. [GoI Order No. ITO(Tech)/80G/R-106/2002-2003/6557, dated 13 Mar 2003; valid for Assessment Years 2003-04 and 2004-05.]
CONTRIBUTIONS FOR THE AUDITORIUM
Letter From Fr. George
GENERAL CONTRIBUTIONS
All the students pay a certain amount to the Alumni Fund. Besides that, the Institute has set up two separate bank accounts with UTI Bank in order to receive general donations from alumni as well as other doners:
XIM CORPUS FUND (Savings Bank Account No. 91695)
XIM DEVELOPMENT FUND (Savings Bank Account No. 91686)
Please click here to see the current status of these funds. All are welcome to contribute to these two accounts. Both the accounts are under the full supervision and descretion of the Institute's management. By the nature of its constitution, the Institute is not allowed to invest in stock markets and such other risky avenues.
The major difference between the two Funds mentioned above is that, money from the Corpus Fund cannot be spent; only the interest earned from this fund can be spent for purposes such as awards, medals, scholarships, etc. Money from the Development Fund can be spent in development projects for the Institute.
Contributions in Indian Rupee can be sent as Demand Drafts payable at Bhubaneswar. UTI Bank also has a facility for immediate money transfer anywhere within India. Contributions in foreign currencies can be sent as Dollar Drafts payable at Bhubaneswar (or directly by telegraphic money transfer to any of the above accounts).
IMPORTANT: Our accounts office has advised that any contribution to any of the above two funds should also be accompanied by a brief covering letter (an e-mail will do) containing information about who is sending the money, the amount and the cheque/draft details, and importantly, the NAME OF THE ACCOUNT to which the money is being contributed.