Revision of Security to be furnished by GDS.

The competent authority is has orderd to enhance the Security Amount to be furnished by GDS is follows.
01. GDS BPM - Rs.10,000 to Rs.25,000.
02. Other Categories - Rs.5,000 to Rs.10,000.

The Security will be in the form of Fidelity Guarantee Bond or NSCs pledged to the Dept in the Name of President of India or in the shape of a Bank Guarantee from any Nationalized Bank.

Considering the workload & renewal periodicity of Fidelity Guarantee Bond to be revised to once in 5 years (quinquinnelly).

Ex.
a. The currency of FSG is expiring by 30.09.10, the new FGBs / Security should be obtained for a block of 5 years from 01.10.10.
b. In case of any GDS is getting Discharged within the 5 years of block, the FSG must be obtained from 01.10.10 till dat eof discharge.
c. In case any GDS is discharging after a block of 5 years and if the balance period is less than 5 years, the FGB must be obtained for the balance period only.
d. In r/o New Entrants, these orders will take with immediate effect & FGB must be obtained for 5 years from Dt of Entry.
Dte Memo No : 6-18 / 2010- PE II Dt. 07.05.10.