Retrospectively convert highway bank guarantees into surety bonds: Gadkari

In a bid to expand the surety bonds insurance ecosystem in national highway development, the Centre will allow contractors engaged by the Ministry of Road Transport and Highways of India (MoRTH) to convert their existing bank guarantees into surety bond insurance products with a retrospective effect, Union minister Nitin Gadkari said on Wednesday.

“I conveyed to the road transport and highways secretary to communicate with the finance secretary and allow a provision for all bank guarantees with the National Highways Authority of India (NHAI), NHIDCL, and MoRTH to be retrospectively converted if the contractor wants… I am happy to announce that our secretary spoke to the finance secretary,