BG - Monitoring of Bank Guarantees.

Document Text

Bank guarantees - Monitoring of F. No. 477/1/87-Cus.VII Government of India Ministry of Finance (Department of Revenue) Subject: Monitoring of Bank Guarantees. New Delhi dated 14-12-1987 Attention is invited to Board's instructions in F. No.7 /10/58-Cus.VII, dated 1-8-1960 and F. No. 477/1/87-Cus.Vll, dated 23-1-1987 wherein the Collectors were asked to closely monitor the bonds and bank guarantees to ensure that there was no revenue loss on account of expired bank guarantees for want of timely enforcement of bonds and guarantees. 2. In this regard Board has once again reiterated that the Collectors should work out an effective mechanism for personally monitoring the bonds and guarantees in order to ensure that action for enforcement or revalidation, as the case may be, is taken in respect of all bonds and guarantees before the expiry of the validity period. 3. In addition to the monitoring of the disposal of bonds and guarantees by the Collectors, the Collectorate wise position will be monitored by the Director General of Inspection.

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