Release of Retention Money in Contracts as is duplicacy of SD, already PBG with Govt Dept

Release of Retention Money in Contracts as is duplicacy of SD, already PBG with Govt Dept

0 have signed. Let’s get to 100!
At 100 signatures, this petition is more likely to be featured in recommendations!
Manish Gadia started this petition to Ministry of power

Dear sir,

Due to lockdown owing to corona covid-19spread, businesses, especially MSME, are facing heavy losses and are in fragile shape. Businessess are looking forward for monetary assistance and immediate relief.
Even after such huge and extreme conditions, Businesses are adhering to Govt guidelines of paying salaries and wages. And Businessess, MSME company engaged in EPC contracting with Discoms are bearing the burden of
1.PBG/CPBG are taken for at least 5 years, where (and including) the project completion period is 2 years. Inspite of this PBG/CPBG of 10% contract value, RMD (retention is also withheld), again unnecessarily burdening us with double/duplicacy of security and Bank interest cost and we are unable to pay to OEMs and service Providers and petty contractors.

This will release approx 400cr per state  (approx Rs 8000cr India wide) against DDUGJY /Ipds schemes their by pradesh's vendors/OEM and petty contractors shall be paid, enhancing some Liquidity.

2a.further, if the PBG could be reduced to 2.5% instead of 10%, further Liquidity of Rs 40cr per state (approx Rs 800 cr) shall come into play enhancing the rotation of Money.

2b. Further the Bank's Margin Money for all BGs like EMD/ABG/CPBG/PBG should be Zero.

3. Each contractor of DDUGJY/IPDS/Saubhagaya is directly or indirectly gives salaries and wages to approx 1000 persons via labour, petty contractor, OEM Manufacfurer/vendors Manpower. And in Rajasthan state only, their are 115 packages, so approx 1,15,000 nos of people/households per State (in Total approx 2 Cr people shall be benefitted India wide) benefit via this release of RMD Money/ double security waiver.

Pl help us timely with just and better decision.Business are under huge stress and pressure and are feeling helpless for achieving the 5M (Money, Material, Manpower, Machinary, Method) balance reqd in this pandemic situation.

Liquidity crunch & darkness of unknown future for balancing  the reqd responsibilities needs to be addressed  for taking necessary actions, suggestion above does not have heavy burden on the Govt also. 

0 have signed. Let’s get to 100!
At 100 signatures, this petition is more likely to be featured in recommendations!