The concept of library in educational institutions is changing as the major constituents of library like physical books, hard copies of journals and newspapers are vanishing and a new format called e-format of these resources emerging through advents in computer science, information science and e-storage technology. The physical copies of books, journals and newspapers are thumbing and their electronic format do not need space for storage and single copy of such resource can be shared by any number of users so as the name of library has no longer validity. Hence libraries are now renamed as Resource Centres with online facility to provide resource sharing services to its registered users. Future libraries so called ‘Resource Centres’ do not need large reading rooms, large book/journal old volume storage area or even independent library building. Individual institutions also do not need independent libraries. There should be one Resource centre for a country or even only one for the entire world through which everybody can connect through ICT for uploading and downloading audio, text and video files so that equality in terms of accessibility to any of these types of resources can be maintained irrespective of gender, region, religion, economical background and the country origin of the users. The paper discusses the possibility of such transformation of Library into ‘Universal Resource Center’ and the consequences of such transformation to information sharing throughout the World and further changes in the model of costless higher education and extended opportunity for new knowledge creation. We also discuss how such transformed Libraries as Universal Resource Centres may provide automated customized service for individuals ubiquitously by incorporating smart library model.