Understanding the New Bihar Financial Rules: A Boost for Local Businesses

The Government of Bihar on July 16^th ,2024 notified the Bihar Financial (amendment) Rules, 2024 to amend the Bihar Financial Rules,1950.

The key update is a modification to Rule 131B of the Bihar Financial Rules:

1. The Bihar Government now has the power to create special policies that give preference to local businesses when buying goods and services.
2. These new policies will take precedence over any other existing rules or future rules that the state government might make regarding procurement.

This change is designed to help businesses that are based in Bihar. Here are a few potential benefits:

1. Increased Opportunities: Local businesses might get more chances to supply goods and services to the government.
2. Economic Boost: By giving preference to local suppliers, more money could stay within the state, potentially boosting the local economy.
3. Encouragement for New Enterprises: This could also encourage new businesses to set up in Bihar, knowing they have a better shot at government contracts.

The Bihar Financial (amendment) Rules, 2024 will come into effect from July 16^th 2024.