Home / Ministries / Finance / New Public Procurement Bill to be passed in winter session

New Public Procurement Bill to be passed in winter session

News:

The revamped Public Procurement Bill, 2015, drops a key provision that made it applicable only to transactions above Rs 50 lakh.

Background: 

The Public Procurement Bill, 2012, – “to regulate public procurement with the objectives of ensuring transparency, accountability and probity in the procurement process, fair and equitable treatment of bidders, promoting competition, enhancing efficiency and economy, maintaining integrity and public confidence in the public procurement process.”

New Bill:

  • The new bill proposes a uniform, streamlined process to eliminate any confusion with regard to procurements below Rs 50 lakh.
  • The bill will also soften previously stringent preconditions for bidders to encourage competitive and healthy bidding.
  • The government should also address the larger issue of reform in political funding for  curbing graft.

Source: The Economic Times

Check Also

Varishtha Pension Bima Yojana: 8% Assured returns for senior citizens

The Varishtha Pension Bima Yojana 2017, a pension scheme for senior citizens, was approved by ...

Leave a Reply

Your email address will not be published. Required fields are marked *