Courtesy theprint.in
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.
New Delhi: Actress Priyanka Chopra’s recent Instagram post has sparked speculation about a possible crossover…
Berhampur: Renowned pulmonologist of Odisha Dr Narayan Mishra honoured with the prestigious ‘Indian Chest Society-Lifetime…
Mumbai: Two crew members of a fishing vessel have been missing since it collided with…
Raipur: In a major operation, security forces eliminated at least 10 Maoists in an encounter in…
Bhubaneswar: Experts from across India and abroad exchanged knowledge and ideas on latest developments in…
Cuttack Sadar MLA Prakash Sethi's English speech at Bali Jatra inauguration has gone Viral......the caption…
Bhubaneswar: A day after 125th birth anniversary celebration of Harekrushna Mahtab was inaugurated, a war…
Perth: A more sensational script couldn’t have been written for the opening day of the…