The reserve price approved by the Departmental will be kept confidential in sealed packet under custody of the officer in charge of the tender/auction, till opening of the financial bids.
Government of West Bengal
Finance Department
Audit Branch
No. 4068-F(Y) 25th May, 2015
MEMORANDUM
Establishments under the State Government have to undertake sale of materials and assets owned by the Government by invitation of bids either through tender process or by auction. In either process of sale, H1 responsive bidder, i.e., the bidder quoting the highest price is selected. However, the highest bid needs to be compared with the reserve price below which the bids are not considered.
At present there is no standard guideline regarding fixation of reserve price and its disclosure. The State Government has examined the issues and decided to prescribe a standard procedure in respect of fixation and disclosure of reserve price.
Therefore, the undersigned is directed to lay down the procedure outlined below regarding reserve price.
Sd/- H.K. Dwivedi
Principal Secretary to the
Government of West Bengal