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February 2, 2022

Surety bonds can be substitute for bank guarantee acceptable in government procurement’s

by facelesscompliance in Income Tax

Surety bonds can be substitute for bank guarantee acceptable in government procurement’s

Union Finance Minister Smt. Nirmala Sitharaman announced in Union Budget 2022-23 speech that in order to reduce indirect cost for suppliers and work-contractors, the use of surety bonds as a substitute for bank guarantee will be made acceptable in government procurements.

General Financial Rules (GFRs) 2017 have been revised vide OM No. F.1/1/2022-PPD dated 02.02.2022 permitting use of surety bonds as security instrument in government procurements.

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