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Public
Procurement refers to the procurement done by
certain agencies ,either direct government agencies
or those using the power of the government and have to act
like government such as the Public sector
enterprises.
Public
procurement differs from private procurement on some
specific aspects :
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Public procurement has to be transparent and follow
the applicable national policies
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Various government agencies and also press and
public keep a watch on Public procurement
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There is no separate Public procurement law in India
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There are only General Financial Rules (GFR) , The
Indian Contract Act, 1872 and the Sale of Goods
act,1930
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They guide Public procurement
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GFR has since
been updated ,revised and restructured w.e.f. 1st
july,2005
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Comprehensive manuals of policies & procedures for
procurement of goods ,works and engagement of
consultants with public fund have been evolved and
are presently available in the website of ministry
of Finance
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The tenets of
Public procurement are provided below :
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