In yet another bid to usher in transparency and tackle corruption in state purchases, the Union Cabinet on Thursday approved a Bill which seeks to regulate public procurement worth more than Rs 50 lakh so as to provide fair treatment to bidders.
Briefing the media after the Cabinet meeting, HRD and Telecom Minister Kapil Sibal said: “The Bill is exceptionally important as it is part of our commitment to deal with the issue of corruption. Part of our commitment is to ensure that in government functioning, there is both accountability and transp arency.”
The Public Procurement Bill, 2012, which would not apply to purchases below Rs. 50 lakh and is likely to be introduced in the current session of Parliament, seeks to codify the fundamental principles in procurement and maximise competition.
