Business

Major Relief To Contractors: Govt Agencies To Partially Release Bank Guarantees

New Delhi: In a major relief to contractors in the country, Union Finance Minister Nirmala Sitharaman announced that government agencies will partially release bank guarantees to contractors so that contracts are partially completed to ease cash flows during the nationwide lockdown period necessitated by the novel coronavirus pandemic.

Following are the other key points which will benefit contractors:

* Government agencies to partially release bank guarantees, to the extent contracts are partially completed, to ease cash flows

* Extension of up to 6 months (without costs to contractor) to be provided by all Central agencies (like Railways, Ministry of Road Transport & Highways, Central Public Works Dept, etc)

* Covers construction/works, and also goods and services contracts

* Covers obligations like completion of work intermediate milestones etc. and extension of concession period in PPP contracts.

OB Bureau

Recent Posts

Youth Beaten To Death On Suspicion Of Theft At Shop In Odisha’s Balasore

Balasore: A young man was allegedly beaten to death on the suspicion of having committed…

29 minutes ago

When A ‘Powerful Man’s Wife’ Broke Into Varun Dhawan’s House To Elope With Actor!

Mumbai: Bollywood celebrities have often had funny, at times bizarre experiences, mostly involving hero-worshipping, demanding fans.…

13 hours ago

Jatra Party Owner Arrested For Duping Actress Of Over Rs 8 Lakh In Bhubanewar

Bhubaneswar: Police have arrested the owner of a Jatra (theatre) group for allegedly duping an…

13 hours ago

How Punjab Farmers Have Paved The Way For Revival Of Organic Desi Cotton

Sanskriti Talwar Faridkot (Punjab): For the third consecutive year, Balwinder Singh of Mallan village in…

14 hours ago

Rain May Play Spoilsport During Christmas & New Year Celebrations In Odisha

Bhubaneswar: Rain may play spoilsport in Christmas and New Year celebrations in Odisha as the…

14 hours ago

Now, Amazon Prime Cracks Down On Password Sharing; Check Out Details Here

New Delhi: Netflix showed the way, Amazon Prime Video is following in their footsteps. Come…

14 hours ago

This website uses cookies.