Dear Sir

Can any 1 Tell me what was the turnover limit for submission of balance sheet of FY 2009-10 in DVAT?

As part of the contracts that we execute for implementation of projects for various clients, we need to essentially submit the following Bank Guarantees (BGs) to them;

 To draw advance from the client, for which a BG of equivalent value is submitted, normally valid till the adjustment of all advances from the running bills.

 For covering performance of the completed project during the warranty period, which could range from 12 to 24 months, and this is normally linked with the release of the last 10% payment of the contract, payable on submission of the BG.

In both the above cases, the clients ask for a claim period after the expiry of the validity of the BG, so that in case there are any claims from them, this could be raised during the claim period. The claim period, as stipulated by the client, normally ranges from 3 months to 6 months.

So far we had been submitting BGs in both the above categories, to our clients, incorporating the clauses as worded by the client and generally accepted by the banks, (in some cases with minor modifications). The validity and the claim periods mentioned in the BGs were as per the stipulation of the client, as mentioned in the contract with them.

Recently, however, our bankers have been demanding that irrespective of the claim period asked by the client, the BGs would be issued by them with a claim period of 1 year minimum. On seeking clarifications from them, they have informed as below:

“Department of Financial Services, Ministry of Finance , Government of India vide their letter dated 24.01.2013 had informed that the Banking Laws (Amendment) Act came into effect w.e.f. 18.01.2013 as regards to change in Limitation Act as per India Contract Act, 1872 u/s 28. As per the new Act the minimum claim period is 1 year irrespective of the expiry date.”

While we are not very sure whether the bank is acting on the correct premises, (since we do not have a full picture of the related provisions), on checking with other banks, we gather that no such measure of charging for 1 full year of claim period, even if the beneficiary needs a lesser claim period, is being enforced by them.

Prima facie this stipulation seems illogical, since besides making us unnecessarily pay commission and block funds for a longer period, it also exposes us to unforeseen liabilities and risks, because the client is being given an encashment option even beyond the period sought by him.

We would be obliged to get an informed view on this to take it up further with the bank.

PK GHOSH
BHUBANESWAR

Dear Sir

I M Bcome Graduate in 2006.

Currently i m working as Accounts manager.

In accounting my total experience is 8 years

i want do some extra study (part time)

pl guide me which course to help me to more grow up

Regards

Poonam Ahire

Thank you for accepting my request.
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