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| Acts/Rules | Bihar Financial Rules
Bihar Financial Rules
Finance is the axis around which the fate and growth of a country as well as state depends. Therefore all government emphasis on the efficient management of its finance through time to time amendment in its financial rules. The State Government of Bihar has also announced its latest Financial Rules.
Bihar Finance Rules
are primarily based on
Government of India's General Financial Rules, 2005
for increasing the efficiency of State government in economic area. In exercise of the powers advised under sub-sections(1)and (3) of the
Bihar Finance Act, 1981,
the State Government of Bihar has made the
"The Bihar Finance (Amendment) Rules, 2005"
to amend the Bihar Finance Rules.
View Complete Text
Features of Bihar Financial Rules, 2005
The Bihar Financial Rules, 2005 has redefined the terminology and procedures of different terms like the term 'Stores' is now replaced with the term "Procurement of Goods and Services".
The important redefined terms are :
General Principles for contract and its management;
Procurement of Goods & Defination of Goods;
Fundamental principles of public buying;
Authorities competent to purchase goods;
Powers for procurement of goods;
Designation of State Purchase Organisation;
Rate Contract;
Registration of Suppliers;
Enlistment of Indian Agents;
Price Preference and other concessions for public sector and state suppliers;
Purchase of goods without quotation;
Purchase of goods by purchase committee;
Purchase of goods directly under rate contract;
Purchase of goods by obtaining bids;
Advertised Tender Enquiry;
Two bid & late bid system and content of bids;
Single Tender Enquiry;
Maintenance Contract;
Bid Security;
Performance Security;
Advance payment to supplier;
Transparency, competition, fairness and elimination of arbitrariness in the procurement process;
Efficiency, Economy and Accountability in Public Procurement System;
Buy-Back Offer;
Procurement and outsourcing of services;
Receipt/Issue of goods and materials from private suppliers or internal divisions of the same organisation;
Transfer of charge of goods, materials;
Disposal of Goods and Modes of Disposal;
Administrative control and Powers to sanction works;
Review of Projects;
Formula for Price variation Clause;
Recently in 2011, The state government has decided to notify officers of all its departments, whose sole task would be to ensure complete adherence to the provisions of Bihar Finance Rules. Earlier, the responsibility was entrusted with the departmental heads.
For More Details:
http://finance.bih.nic.in/
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