The West Bengal Ceiling On Government Guarantees Act, 2001
west-bengal · 2001
The scanned source for this Act is imperfect — headings or section boundaries may be off. Verify against the official source.
- S. 1(1) This Act may be called the West Bengal Ceiling on Government Guarantees Act, 2001
- S. 2Section 2 defines key terms used in the West Bengal Ceiling On Government Guarantees Act, 2001.
- S. 3Limits total government guarantees to 90% of previous year's state revenue, except for specific infrastructure loans.
- S. 4Section 4 prohibits government guarantees for private loans and limits guarantees for cooperatives to those with at least 10% non-government equity.
- S. 5Section 5 mandates a minimum 1% guarantee commission by the government, with potential higher rates based on project default risk.
- S. 6Section 6 allows the government to provide performance guarantees for infrastructure projects and mandates reporting on future liabilities if obligations are unmet.