The provision, included in the new budget legislation, will also make annual state education aid increases contingent on having an evaluation system.

WSJ: Deal May Ease Evaluation Plan

The school will state that the exit fee of three times the annual budget is arbitrary and has no rational tie to the amount of damages the ACC will suffer.

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Plans for such a bank - the first state-run one of its kind in India - were announced in the annual budget.

BBC: Does India need a bank for women?