: Last date for caution money deposit on GeM extended to Nov 30 #FinanceIndia #StockMarketNEWS Last date for caution money deposit on GeM extended to Nov 30 New Delhi, Nov 19 (KNN) Government has extended

@StockMarketNEWS Thu 19 Nov, 2020

Posted in: #FinanceIndia #StockMarketNEWS

Last date for caution money deposit on GeM extended to Nov 30 #FinanceIndia #StockMarketNEWS
Last date for caution money deposit on GeM extended to Nov 30 New Delhi, Nov 19 (KNN) Government has extended the last date for depositing Caution Money on GeM platform from 16th Nov to 30 November 2020.

As per new guidelines all sellers on GeM are now required to deposit a Caution Money with GeM. This caution money provision is being introduced from bringing discipline amongst sellers and the amount can be forfeited in part or in full in following circumstances:

If the seller rejects or does not accept any Direct Purchase / L-1 Purchase order within defined timelines leading to order auto cancellation.

Or failure of the seller in executing any GeM contract or if the seller fails or neglects to observe or perform any of his obligations under the contract (applicable only in respect of contracts that did not have provision of Performance Security / PBG).

Or withdraws any bid submitted on GeM within the period of validity of the bid.

Fails to furnish requisite performance security / PBG as per GeM e-bid / RA conditions.

“If any seller fails to deposit the caution money amount by the 30.11.2020 he will not be able to upload any new brand / products on GeM, will not be able to participate in any new Bid and will not be able to get any new DP/L1/BID/RA order”, says GEM Communique .

The Caution Money is to be deposited online via GeM Portal through your GeM Seller Dashboard only.

GeM is a one stop Government e-Market Place where common user goods and services can be procured. GeM is self-sustaining and user friendly portal for making procurement by Government officers.