Validity of Finance Department Memo No. 201-F(Y) dated 18.01.2021 for allowing the benefit of reduction of Performance Security/ Security Deposit to 3% shall be extended to 31.03.2023.
It is decided that the performance security for all existing contracts or the contracts which will be entered into within 31.12.2021 shall be reduced to 3% from the existing 10%.
The Bank Guarantee, now pledged in the form of Security Deposit will be released to the contractor in the following manner, if not forfeited under conditions of contract.
Procedure for Transfer of EMD received online through the e-tender portal to the Security Deposit Head of Account maintained at the Treasury/PAO.
Security Deposit will be released after issuance of Completion Certificate on submission of unconditional BANK GUARANTEE by the Contractor for the Security Deposit.
A security deposit of 12.5 lakhs was necessary for exemption of earnest money deposit while participating in tender. Such provision from Public Works Code is deleted.
Exemption from payment of Earnest Money and Security Deposit given to Small Scale Industrial (SSI) units under rules 47A(1) and 47B(7) of West Bengal Financial Rules, Volume-I is applicable to supply contracts only and not to works contracts.
The Labour Co-operative Societies shall continue to get exemption from depositing Earnest Money while participating in Government tenders.
Every Financial Establishment shall submit a Report in Form-I containing such particulars as required therein to the Competent Authority in whose jurisdiction the Financial Establishment commenced or carried its business.
An Act to protect the interest of depositors in financial establishments in West Bengal and to provide for the matters connected therewith or incidental thereto.