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    GFR Amendments 2022 | Amendment to General Financial Rules (GFR), 2017 (Rules 170(i) & 171 (i)) to include Insurance Surety Bonds as Security Instrument.

     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


    170(i): 

    Existing provision


    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.


    Amended Rules:


    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)

    Existing Provision:

    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


    Amended Rule:


    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; www.doe.gov.in -> 

    Notification -> Circular --> Procurement Policy OM. 


    Hindi version of this OM will follow.


    Kanwalpreet Director (Procurement Policy)

    Tel.: 23093811

    Email: kanwal.irss@gov.in

    To

    Secretaries to All Central Government Ministries/ Departments




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