Railway Departmental Exam for Accounts Telegram Posts

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*Performance Guarantee in works contract:*

1. within 21 (Twenty one) days from the date of issue of Letter of Acceptance (LOA)

2. PG *beyond 21 (Twenty one) days and upto 60 days* -a penal interest of *12% per annum*

3. after 60 days from the date of issue of LOA-the contract is liable to be terminated

*Performance Guarantee in service contract:*

1. within 30 (Thirty) days from the date of issue of Letter of Acceptance (LOA)

2. PG *beyond 31 (Thirty one) days and up to 90 days* -a penal interest of *15% per annum* but a notice to be served after 60 days

3. after 90 days from the date of issue of LOA- the contract is liable to be terminated

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1. First Budgetary Review - RE / BE - Revised Estimates for the Current Year and Budget Estimates for Next Year - Due September month

2. Second & the last Budgetary Review - FME - Final Modification Estimates - Due January / February

Note: ARE - August Review Estimates - dispensed from 2017-18 onwards.

Coincidence is the Railway Budget is merged with the General Budget during 2017-18 due to recommendations of NITI Aayog.

NITI stands for National Institution for Transforming India.

NITI Aayog headed by Prime Minister is the highest policy making body in India

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