New Delhi, July 8 (ANI): The Union Cabinet on Thursday gave its approval for the presentation of the Nalanda University Bill 2010 in the Monsoon Session of Parliament likely to start on July 26.
The university will be set up in the vicinity of the ancient Nalanda University in Bihar at an approximate cost of Rs 1005 crore.
The Ministry of External Affairs has prepared the Bill following a consensus reached at the East Asia Summit held in Thailand in October 2009.
The proposed university will have schools like Buddhist studies, philosophy and comparative literature, historical studies and ecology and environmental studies among others.
According to the Bill, the university shall function as a public-private partnership and funds shall be provided by the Government of the member states.
The Nalanda Mentor Group (NMG) constituted by the Government of India in June 2007 shall exercise powers as the Interim Governing Board of the University for a period of one year or till such time that the members of the Governing Board have been nominated.
The visitor of the university shall be the President of India or any other person who may be appointed by the President.
The university shall function as a public-private partnership and the funds shall be provided on voluntary basis by the Government of Member States. (ANI)