Amendment to the Rule 170(i) of General Financial Rules, 2017 – Reg. : Departement of Expendiure OM. Dated 25th July 2017

Amendment to the Rule 170(i) of General Financial Rules, 2017 – Reg. : Departement of Expendiure OM. Dated 25th July 2017


Amendment to the Rule 170(i) of General Financial Rules, 2017 – Reg. :
Departement of Expendiure OM. Dated 25th July 2017
**
No.F.20/2/2014-PPD(Pt.), Government of India, Ministry of Finance, Department of Expenditure, Procurement Policy Division ** 516, Lok Nayak
Bhawan, New Delhi the 25th July, 2017 ** OFFICE MEMORANDUM ** Subject: Amendment to the Rule
170(i) of General Financial Rule (GFR), 2017.

amendment-in-gpf-170(i)-reg

No.F.20/2/2014-PPD(Pt.)
Government of India
Ministry of Finance
Department of Expenditure
Procurement Policy Division
516, Lok Nayak Bhawan,
New Delhi the 25th July, 2017.
OFFICE MEMORANDUM
 

Subject: Amendment to the Rule 170(i) of General Financial Rules (GFR),
2017. 
 
The reference of Department of Industrial Policy & Promotion (DIPP) to
exempt to Startups from submitting Earnest Money Deposit (EMD) has been
considered and it has been decided to revise the Rule 170(i) of GFRs, 2017
regarding ‘Bid Security’ as under. 
“Revised Rule 170 (i)

: To safeguard against a bidder’s Withdrawing or altering its bid
during the bid validity period in the case of advertised or limited
tender enquiry, Bid Security (also known as Earnest Money) is to be
obtained from the bidders except Micro and Small Enterprises (MSEs) as
defined in MSE Procurement Policy issued by Department of Micro, Small
and Medium Enterprises (MSME) or are registered with the Central
Purchase Organisation or the concerned Ministry or Department or

Startups as recognised by Department of Industrial Policy &
Promotion (DIPP)

. The bidders should be asked to furnish bid security along with their
bids. Amount of bid security should ordinarily range between two
percent to five percent of the estimated value of the goods to be
procured. The amount of bid security should be determined accordingly
by the Ministry or Department and indicated in the bidding documents.
The bid security may be accepted in the form of Account Payee Demand
Draft, Fixed Deposit Receipt, Banker’s Cheque or Bank Guarantee from
any of the Commercial Banks “or payment online in an acceptable form, safeguarding the purchaser’s interest in
all respects. The bid security is normally to remain valid for a period
of forty-five days beyond the final bid validity period.” 
 
2. This OM is also available on our website http://doe.gov.in ->
Notification -> Circular –> Procurement Policy OM. 
3. Hindi version of this OM will follow. 
(Vinayak T. Likhar)
Read also :  7th CPC : Split Duty Allowance - MoF order
Under Secretary to the Govt. of India i
TeI.No.2462 1305.

To
All Secretaries & Financial Advisers of Ministries/ Departments of the
Government of India.

amendment-in-gpf-170(i)

 Source: Department of Expenditure [Click here to view/download]

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