Amendment status not verified — confirm the current text below against the official source.
Notwithstanding anything contained in this Act, where any contract for the execution of any scheme, plan or other work or for the supply of any materials or goods the value of which exceeds one crore of rupees, the Board, on receipt of the tenders in respect of such contract, shall place all the tenders before the Government which may approve any tender which appears to them, upon a view of all the circumstances, to be the most advantageous and thereupon the Board shall accept the tender so approved. Government to finalise certain contracts. Power to write off irrecoverable amount.