Bank guarantee waiver: surety bonds accepted for export-oriented units procuring indigenous goods, subject to solvency. The Board directed that bank guarantees need not be insisted upon for bonds under the exemption notification for procurement of indigenous goods by export-oriented units, and that surety bonds should be accepted in lieu of bank guarantees subject to the solvency of the surety; field formations are to be advised and a Trade Notice issued.
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Bank guarantee waiver: surety bonds accepted for export-oriented units procuring indigenous goods, subject to solvency.
The Board directed that bank guarantees need not be insisted upon for bonds under the exemption notification for procurement of indigenous goods by export-oriented units, and that surety bonds should be accepted in lieu of bank guarantees subject to the solvency of the surety; field formations are to be advised and a Trade Notice issued.
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