Government eases procurement norms, bank guarantees for oxygen, Covid-19 supplies
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Synopsis
Relaxing tendering norms, the government has allowed global tenders to be floated for less than Rs 200 crore as well. 100% payment of advance has been approved for critical Covid procurement. Procurement on nomination basis has been permitted in case of constrained supply market.
Agencies
Besides, additional capacity expansion is planned in the near future to enhance oxygen production capacity through oxygen from power plants, refineries and steel plants.
To expedite procurement of critical Covid-19 supplies, the government on Monday relaxed the General Financial Rules (GFR) and removed all restrictive provisions to enable larger participation and faster procurement. Bank Guarantees have been waived off for all procurement.