20 Nov, 2021 8:56a.m.

No more FG/Security Bonds for GDS

no-more-fgsecurity-bonds-for-gds

The Department of Posts has issued an order stating that has decided to discontinue the practice of obtaining FG/Security Bonds from GDS. 

As per the order, the newly engaged GDS or GDS who are yet to furnish FG/Security Bond will not be required to submit FG/Security Bonds. The FG/Security Bonds that have been collected from the existing GDS will be renewed after the expiry of the current Bond. 

The order also asks the circles to review all the pending Vigilance/Disciplinary cases related to loss and fraud where GDS is involved. Circles have to ensure that amount involved in loss and fraud is to be recovered from the FG/Security Bond furnished by such GDS before the expiry of Bond. 

Earlier the Gramina Dak Sevaks had to pledge bond as security. The security will be in the form of a Fidelity Guarantee Bond or National Savings Certificate pledged to the Department or in the shape of a Bank Guarantee from any nationalized Bank. The periodicity of yearly renewal- of the Fidelity Guarantee Bond was to be revised to once in 5 years. The required premium for 5-years' will be recovered and the F.G. Bond obtained for full 5 years block from the recognized Cooperative Credit Society.

Read the communication here






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