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Permitted Banks
1. Bank Guarantees issued by Banks covered under the following categories should only be accepted under the contracts:State Bank of India or its subsidiaries. Any Indian nationalized Bank. IDBI or ICICI / ICICI Bank / Export Import Bank/AXIS/HDFC/YES. A Foreign Bank (issued by a branch outside India) with a counter guarantee from SBI or its subsidiaries or any Indian Nationalized Bank. e. Any Scheduled Commercial Bank approved by RBI having a net worth of not less than Rs. 200 crores as per the latest Annual Report of the Bank. In the case of a Foreign Bank, the net worth in respect of the Indian operations shall only be taken into account. f. The bank guarantee issued by Haryana State Apex Cooperation Bank. 2. The acceptance of the guarantee shall also be subject to the following conditions:a. b. The bank guarantee issued by any other a Cooperative Bank shall not be accepted. The bank guarantee issued by a Bank specifically debarred / black listed for non-cooperation in the past in respect of verification of BG or any other reason. The bank for non-cooperation will be identified and action as approved by Govt. Shall be implemented by Deptt. a. b. c. d.
BG verification
4. Process of verification of bank guarantees shall start immediately on receipt of the Bank Guarantee. The verification shall be got done by making reference through post and/ or by sending officers/ official to the office from where the verification is to be made. The Executive Engineer shall decide the mode of verification of Bank Guarantee. The bank guarantees shall be verified from the controlling offices of the banks also who have issued the bank guarantees. When postal mode is used, only registered post or speed post shall be used.
Couriers shall not be used. a. The controlling office of the Bank should be advised to confirm the issuance of the Bank Guarantee(s) specifically quoting the letter of PWD on the printed official letterhead of the Bank indicating address and other details (including telephone nos.) etc. of the Bank and the name, designation and code number of the officer(s) confirming the issuance of the Bank Guarantee. When confirmation is obtained through sending responsible officer/ official, he should personally obtain the confirmation from the controlling office of the issuing Branch of the Bank and submit his report and the documents received to the Executive Engineer. When Verification is got done by sending a person, in case of bank guarantees of value more 20 lacs, the person sent for verification shall not be of a level below DAO.
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a.
Earnest money Bank Guarantee received for bid securities purposes shall also be got verified immediately on receipt and opening of financial bids. However, the Bank Guarantee shall be only verified through postal mode. The Bank Guarantee of the lowest bidder shall be additionally verified by sending a official in case this Bank Guarantee is of value more than Rs.10.00 lacs. The earnest money Bank Guarantee of bidders other then lowest bidder, shall be released only after verification of the Bank Guarantee so as to deter bidder from giving fake Bank Guarantee. Award of work will be done after due process of verification of bank guarantee. Payments contingent upon receipt of bank guarantees shall also be released after verification of the bank guarantees. In case of toll collection, no toll collection should be allowed till Bank Guarantee are verified except for the period for which money has been received.
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BGs shall be released only on specific orders of EE in terms of the contract. He shall obtain orders of the competent authority, if EE is not competent to make a decision, before releasing the bank Guarantees.