FM Announces Relief for Contractors by Central Govt Agencies

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GUWAHATI: The Finance Minister, Nirmala Sitharaman, announced an extension of up to 6 months to be provided by all central agencies like Railways, Ministry of Road Transport & Highways, Central Public Works Dept, etc, without costs to contractors.

The relief covers construction works and goods and services contracts, obligations like completion of work, intermediate milestones, etc, and also the extension of the concession period in Public-Private Partnership (PPP) contracts.

Government agencies are also supposed to partially release bank guarantees, to the extent contracts are partially completed, to ease cash flows now onwards.

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