Nirmala Sitharaman Announces 6 Months Extension to Railways, Highways and PWD Contractors in Economic Stimulus Package
She said this covers construction works and goods and services contracts besides obligations like completion of work, immediate milestones etc and extension of concession period in contracts on public private partnership.
New Delhi, May 13: Finance Minister Nirmala Sitharaman on Wednesday announced up to six months extension for completion of obligations under highways, railways and other contracts.
The move will provide relief to contractors impacted by the COVID-19 crisis.
"The extension of up to six months without cost to contractor is to be provided by all central agencies like Railways, Ministry of Road Transport & Highways and Central Public Works Department," Sitharaman said. PF, EPF Contribution by Employee As Well As Employer Reduced From 12% to 10% For Next 3 Months to Increase Take Home Salary, Announces Nirmala Sitharaman.
She said this covers construction works and goods and services contracts besides obligations like completion of work, immediate milestones etc and extension of concession period in contracts on public private partnership. MSMEs New Definition And Criteria Announced by Nirmala Sitharaman, Businesses With Investment up to Rs 10 Crore to be Classified as Small Enterprise; Check Complete Details.
To ease cash flows, government agencies will partially release bank guarantees, to the extent contracts are partially completed, she said.
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