Government Letter Of Guarantee 9 Moments To Remember From Government Letter Of Guarantee



The accountant (CAG)’s address on the Rafale fighter jet accord has flagged the drawbacks of clearing for a “Letter of Comfort” instead of a absolute acceding from the French, a accountable on which the action has again targeted the government.



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The Comptroller and Accountant General (CAG) report, tabled in Parliament on Wednesday, acclaimed that the antecedent accord for 126 jets adjourned in 2007 by the Congress-led UPA government included a 15 per cent coffer acceding adjoin beforehand payments. But the accord closed by the accepted government in 2016 says if there is a aperture of agreement, India has to aboriginal achieve the amount through adjudication with the French vendors, in this case Rafale-maker Dassault.

India has to bankrupt all acknowledged remedies afore the French government accomplish in and makes the acquittal on annual of the clandestine company. 

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The government, for the aboriginal time, active an Intergovernmental Acceding (IGA) with France for 36 Rafale fighter jets. It has beforehand agnate agreements with the US, UK and Russia.



“In case of IGA for 36 Rafale, the action of M/s DA (Dassault Aviation) in 2007 had included 15 per cent Coffer Acceding adjoin beforehand payments, 5 per cent anniversary for Achievement Acceding and Warranty. A Coffer Acceding gets anon and automatically invoked in case of aperture of arrangement by the seller,” the CAG address said.

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In the 2015 action with the present government, the French bell-ringer did not accouter any banking and achievement coffer guarantees, the address stated. 

Since about 60 per cent of beforehand payments were to be fabricated to the French vendors, the law admiral had brash that a government or absolute acceding should be requested from France, accustomed the amount of the proposed procurement, the address said. 

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But neither the French government nor Dassault Aviation agreed to accouter coffer guarantees or a government/sovereign guarantee.

“Instead it provided a ‘Letter of Comfort’ active by the French Prime Minister in lieu of the Coffer Guarantee,” the CAG address said. 

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The affair on absolute acceding and “Letter of Comfort” was submitted to the Chiffonier Committee of Security in September 2016 for consideration.

The chiffonier console absitively to acquire added associated guarantees or assurances provided in the agreement, instead of a coffer guarantee, accountable to payments through an escrow annual or “any added safeguards which the admiral was to assignment out in appointment with the French Government with the affirmation by the French Government that they shall accommodate able blank on the appliance of payments appear to the French Industrial suppliers”, the CAG address said.

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But the escrow annual was additionally alone canicule afore the accord was signed. The French government, the address said, did not accede to an escrow annual as it acquainted “the guarantees already provided by it were far extensive and unprecedented”.

“In case of any aperture of acceding Indian affair (Ministry) would accept to aboriginal achieve it through adjudication anon with the French vendors. If the adjudication accolade were in favour of Indian affair and the French bell-ringer fails to accomplish the payment, the Indian affair should bankrupt all accessible acknowledged remedies. Only again the French Government would accomplish these payments on annual of the vendors,” the address said.

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Disclaimer: NDTV has been sued for 10,000 crores by Anil Ambani’s Reliance Group for its advantage of the Rafale deal

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