Defence Ministry Announces Major Changes In Military Acquisition Procedure

New Delhi: The armed forces will have to source military hardware under modernisation drive from the domestic industry and their import should only be an exception, the defence ministry said on Monday, announcing major changes in India's defence acquisition procedure. The ministry also decided to dispense with the requirement of the Integrity Pact Bank Guarantee (IPBG) to reduce the financial burden on the Indian defence industry, a move aimed at promoting domestic manufacturing. It said Earnest Money Deposit (EMD) will be taken as bid security for all acquisition cases costing more than ₹ 100 crore. "Going forward all modernisation requirements of the defence services and Indian Coast Guard are to be indigenously sourced irrespective of the nature of the procurement," the ministry said in a statement. It said import of defence equipment and sourcing them from the foreign industry under capital acquisitions should only be an exception and undertaken with specific approval of the defence acquisition council or the defence minister. "As advised by the Ministry of Finance and to reduce the financial burden on the Indian defence industry whilst maintaining financial safeguards, the requirement of Integrity Pact Bank Guarantee (IPBG) has been dispensed with," the ministry said. "Instead, Earnest Money Deposit (EMD) will be taken as a bid security for all acquisition cases with Acceptance of Necessity (AoN) cost more than ₹ 100 crore," it added.

New Delhi: The armed forces will have to source military hardware under modernisation drive from the domestic industry and their import should only be an exception, the defence ministry said on Monday, announcing major changes in India's defence acquisition procedure. The ministry also decided to dispense with the requirement of the Integrity Pact Bank Guarantee (IPBG) to reduce the financial burden on the Indian defence industry, a move aimed at promoting domestic manufacturing. It said Earnest Money Deposit (EMD) will be taken as bid security for all acquisition cases costing more than ₹ 100 crore. "Going forward all modernisation requirements of the defence services and Indian Coast Guard are to be indigenously sourced irrespective of the nature of the procurement," the ministry said in a statement. It said import of defence equipment and sourcing them from the foreign industry under capital acquisitions should only be an exception and undertaken with specific approval of the defence acquisition council or the defence minister. "As advised by the Ministry of Finance and to reduce the financial burden on the Indian defence industry whilst maintaining financial safeguards, the requirement of Integrity Pact Bank Guarantee (IPBG) has been dispensed with," the ministry said. "Instead, Earnest Money Deposit (EMD) will be taken as a bid security for all acquisition cases with Acceptance of Necessity (AoN) cost more than ₹ 100 crore," it added.New Delhi: The armed forces will have to source military hardware under modernisation drive from the domestic industry and their import should only be an exception, the defence ministry said on Monday, announcing major changes in India's defence acquisition procedure. The ministry also decided to dispense with the requirement of the Integrity Pact Bank Guarantee (IPBG) to reduce the financial burden on the Indian defence industry, a move aimed at promoting domestic manufacturing. It said Earnest Money Deposit (EMD) will be taken as bid security for all acquisition cases costing more than ₹ 100 crore. "Going forward all modernisation requirements of the defence services and Indian Coast Guard are to be indigenously sourced irrespective of the nature of the procurement," the ministry said in a statement. It said import of defence equipment and sourcing them from the foreign industry under capital acquisitions should only be an exception and undertaken with specific approval of the defence acquisition council or the defence minister. "As advised by the Ministry of Finance and to reduce the financial burden on the Indian defence industry whilst maintaining financial safeguards, the requirement of Integrity Pact Bank Guarantee (IPBG) has been dispensed with," the ministry said. "Instead, Earnest Money Deposit (EMD) will be taken as a bid security for all acquisition cases with Acceptance of Necessity (AoN) cost more than ₹ 100 crore," it added.New Delhi: The armed forces will have to source military hardware under modernisation drive from the domestic industry and their import should only be an exception, the defence ministry said on Monday, announcing major changes in India's defence acquisition procedure. The ministry also decided to dispense with the requirement of the Integrity Pact Bank Guarantee (IPBG) to reduce the financial burden on the Indian defence industry, a move aimed at promoting domestic manufacturing. It said Earnest Money Deposit (EMD) will be taken as bid security for all acquisition cases costing more than ₹ 100 crore. "Going forward all modernisation requirements of the defence services and Indian Coast Guard are to be indigenously sourced irrespective of the nature of the procurement," the ministry said in a statement. It said import of defence equipment and sourcing them from the foreign industry under capital acquisitions should only be an exception and undertaken with specific approval of the defence acquisition council or the defence minister. "As advised by the Ministry of Finance and to reduce the financial burden on the Indian defence industry whilst maintaining financial safeguards, the requirement of Integrity Pact Bank Guarantee (IPBG) has been dispensed with," the ministry said. "Instead, Earnest Money Deposit (EMD) will be taken as a bid security for all acquisition cases with Acceptance of Necessity (AoN) cost more than ₹ 100 crore," it added.New Delhi: The armed forces will have to source military hardware under modernisation drive from the domestic industry and their import should only be an exception, the defence ministry said on Monday, announcing major changes in India's defence acquisition procedure. The ministry also decided to dispense with the requirement of the Integrity Pact Bank Guarantee (IPBG) to reduce the financial burden on the Indian defence industry, a move aimed at promoting domestic manufacturing. It said Earnest Money Deposit (EMD) will be taken as bid security for all acquisition cases costing more than ₹ 100 crore. "Going forward all modernisation requirements of the defence services and Indian Coast Guard are to be indigenously sourced irrespective of the nature of the procurement," the ministry said in a statement. It said import of defence equipment and sourcing them from the foreign industry under capital acquisitions should only be an exception and undertaken with specific approval of the defence acquisition council or the defence minister. "As advised by the Ministry of Finance and to reduce the financial burden on the Indian defence industry whilst maintaining financial safeguards, the requirement of Integrity Pact Bank Guarantee (IPBG) has been dispensed with," the ministry said. "Instead, Earnest Money Deposit (EMD) will be taken as a bid security for all acquisition cases with Acceptance of Necessity (AoN) cost more than ₹ 100 crore," it added.New Delhi: The armed forces will have to source military hardware under modernisation drive from the domestic industry and their import should only be an exception, the defence ministry said on Monday, announcing major changes in India's defence acquisition procedure. The ministry also decided to dispense with the requirement of the Integrity Pact Bank Guarantee (IPBG) to reduce the financial burden on the Indian defence industry, a move aimed at promoting domestic manufacturing. It said Earnest Money Deposit (EMD) will be taken as bid security for all acquisition cases costing more than ₹ 100 crore. "Going forward all modernisation requirements of the defence services and Indian Coast Guard are to be indigenously sourced irrespective of the nature of the procurement," the ministry said in a statement. It said import of defence equipment and sourcing them from the foreign industry under capital acquisitions should only be an exception and undertaken with specific approval of the defence acquisition council or the defence minister. "As advised by the Ministry of Finance and to reduce the financial burden on the Indian defence industry whilst maintaining financial safeguards, the requirement of Integrity Pact Bank Guarantee (IPBG) has been dispensed with," the ministry said. "Instead, Earnest Money Deposit (EMD) will be taken as a bid security for all acquisition cases with Acceptance of Necessity (AoN) cost more than ₹ 100 crore," it added.New Delhi: The armed forces will have to source military hardware under modernisation drive from the domestic industry and their import should only be an exception, the defence ministry said on Monday, announcing major changes in India's defence acquisition procedure. The ministry also decided to dispense with the requirement of the Integrity Pact Bank Guarantee (IPBG) to reduce the financial burden on the Indian defence industry, a move aimed at promoting domestic manufacturing. It said Earnest Money Deposit (EMD) will be taken as bid security for all acquisition cases costing more than ₹ 100 crore. "Going forward all modernisation requirements of the defence services and Indian Coast Guard are to be indigenously sourced irrespective of the nature of the procurement," the ministry said in a statement. It said import of defence equipment and sourcing them from the foreign industry under capital acquisitions should only be an exception and undertaken with specific approval of the defence acquisition council or the defence minister. "As advised by the Ministry of Finance and to reduce the financial burden on the Indian defence industry whilst maintaining financial safeguards, the requirement of Integrity Pact Bank Guarantee (IPBG) has been dispensed with," the ministry said. "Instead, Earnest Money Deposit (EMD) will be taken as a bid security for all acquisition cases with Acceptance of Necessity (AoN) cost more than ₹ 100 crore," it added.New Delhi: The armed forces will have to source military hardware under modernisation drive from the domestic industry and their import should only be an exception, the defence ministry said on Monday, announcing major changes in India's defence acquisition procedure. The ministry also decided to dispense with the requirement of the Integrity Pact Bank Guarantee (IPBG) to reduce the financial burden on the Indian defence industry, a move aimed at promoting domestic manufacturing. It said Earnest Money Deposit (EMD) will be taken as bid security for all acquisition cases costing more than ₹ 100 crore. "Going forward all modernisation requirements of the defence services and Indian Coast Guard are to be indigenously sourced irrespective of the nature of the procurement," the ministry said in a statement. It said import of defence equipment and sourcing them from the foreign industry under capital acquisitions should only be an exception and undertaken with specific approval of the defence acquisition council or the defence minister. "As advised by the Ministry of Finance and to reduce the financial burden on the Indian defence industry whilst maintaining financial safeguards, the requirement of Integrity Pact Bank Guarantee (IPBG) has been dispensed with," the ministry said. "Instead, Earnest Money Deposit (EMD) will be taken as a bid security for all acquisition cases with Acceptance of Necessity (AoN) cost more than ₹ 100 crore," it added.New Delhi: The armed forces will have to source military hardware under modernisation drive from the domestic industry and their import should only be an exception, the defence ministry said on Monday, announcing major changes in India's defence