New Delhi: In a significant decision aimed at benefiting a large number of students, the Human Resource Development Ministry today (Feb 5, 2004) decided to drastically reduce the fees for the post-graduate programmes in the Indian Institutes of Management (IIMs) to Rs 30,000 per annum from around Rs 1.50 lakh per annum.

A decision to this effect has been taken after considering the recent Supreme Court order and the Review Committee, which went into the issue, the Ministry said in its order.

The revised fee structure would take effect from the academic session 2004/05.

Observing that the fees charged by the IIMs at Ahmedabad, Bangalore, Kolkata, Lucknow, Indore and Kozhikode was around Rs 1.50 lakh per year, which was "exorbitant", the Ministry said these institutions were fully funded by Central Government and their financial requirements were met through the Central Budget.

"After careful consideration of all aspects, it has been decided that the fees for the post-graduate programmes in the IIMs should be fixed at Rs 30,000 per annum," it said.

No other charges or fees should be levied from the students in addition to the prescribed fees except for mess charges that would be payable by the students separately, the release said.

The Ministry also sought a compliance report from the IIMs.