: No Global tender enquiry shall be invited for tenders upto Rs 200 crore: Public Procurement Divisions #FinanceIndia #StockMarketNEWS No Global tender enquiry shall be invited for tenders upto Rs 200

@StockMarketNEWS Sun 24 May, 2020

Posted in: #FinanceIndia #StockMarketNEWS

No Global tender enquiry shall be invited for tenders upto Rs 200 crore: Public Procurement Divisions #FinanceIndia #StockMarketNEWS
No Global tender enquiry shall be invited for tenders upto Rs 200 crore: Public Procurement Divisions New Delhi, May 19 (KNN) The Ministry of Micro, Small and Medium Enterprises (MoMSME) has put up on its website the notification by Public Procurement Divisions under the Department of Expenditure of the Ministry of Finance which states that no global tender enquiry should be invited for tenders upto Rs 200 crores.

Prime Minister Narendra Modi, in his address to the nation on May 12, had called for promoting self-reliance, Make in India and to promote micro, small and medium enterprises (MSMEs).

For Global Tender Enquiry (GTE), the amended rule states that, "Where the Ministry or Department feels that the goods of the required quality, specifications etc, may not be available in the country and it is necessary to also look for suitable competitive offers fr0m abroad, the Ministry or Department may send copies of the tender notice to the Indian Embassies abroad as well as to the Foreign Embassies in India."

"The selection of the embassies will depend on the possibility of availability of the required goods in such countries. In such cases e-procurement as per Rule 160 may not be insisted," the notification added.

Furthermore, it said that no GTE however shall be invited for tenders upto Rs 200 crore or such limit as may be prescribed by the Department of Expenditure fr0m time to time. Provided that for tenders below such limit, in exceptional cases where the Ministry or Department feels that there are special reasons for GTE, it may record its detailed justification and seek prior approval for relaxation to the above rule fr0m the Competent Authority specified by the Department of Expenditure. (KNN Bureau)

Stock Market News & Best Intraday tips & Stocks near support

Report