Amendment to General Financial Rules (GFR), 2017 to include Insurance Surety Bonds as Security Instrument
Amendment to General Financial Rules (GFR), 2017 to include Insurance Surety Bonds as Security Instrument: DOE OM dated 02.02.2022
No. F.1/1/2022-PPD
Government of India
Ministry of Finance
Department of Expenditure
Procurement Policy Division
264-C, North Block, New Delhi.
2nd February, 2022
OFFICE MEMORANDUM
Subject: Amendment to General Financial Rules (GFR), 2017 to include Insurance Surety Bonds as Security Instrument.
It has been decided to partially amend Rule 170(i) and Rule 171(i) of General Financial Rules (GFR), 2017 regarding ‘Bid Security and Performance Security respectively’ as under:
| Rule/ Para | Existing provision | Amended Rule |
| 170(i) | 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 may be accepted in the form of Insurance Surety Bonds, 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. |
| 171(i) | Performance Security may be furnished in the form of an Account Payee Demand Draft, Fixed Deposit Receipt from a Commercial bank, Bank Guarantee from a Commercial bank or online payment in an acceptable form safeguarding the purchaser’s interest in all respects | Performance Security may be furnished in the form of Insurance Surety Bonds, Account Payee Demand Draft, Fixed Deposit Receipt from a Commercial bank, Bank Guarantee from a Commercial bank or online payment in an acceptable form safeguarding the purchaser’s interest in all respects |
2. This OM is also available on website of Department of Expenditure; doe .gov.in -> Notification -> Circular –> Procurement Policy OM. Hindi version of this OM will follow.
Kawalpreet
Director (Procurement Policy)
Tel. : 23093811
Email: kanwal.irss[at]gov.in
📢 Stay Updated with GConnect
Join our Whatsapp channels for the latest news and job updates:
Join GConnect News Join GConnect Jobs
GConnect News
GConnect Jobs
📢 Stay Updated with GConnect
Join our Whatsapp channels for the latest news and job updates:
Join GConnect News Join GConnect JobsGConnect News
GConnect Jobs
You might also like:
PFRDA Introduces Retirement Income Schemes and New Drawdown Options Under NPS
PFRDA Allows Surrender of Annuity Policies in Select Cases; Issues Procedure for Requests
CGHS Clarifies One-Time Option Rule for Choosing Parents or Parents-in-Law for Medical Benefits
Cabinet Secretariat Invites Officers to Share Innovative Governance Practices; Entries Open Till May 31
PFRDA Launches ‘NPS Sanchay’ to Expand Pension Coverage for Informal Sector Workers
Deadline Extended for Mandatory iGOT Karmayogi Courses and Assessment Till May 31, 2026