The Finance Ministry on Thursday gazetted new regulations specifying procedures for doing business with people who have interests with public servants, including banned relationships and approval thresholds by transaction value. The rules require written special permission before such transactions and prohibit dealings with associates of employees in specified procurement and finance roles.
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According to the regulations gazetted by the Finance Ministry on Thursday, special permission, in writing, must be obtained before any business transaction with an employee’s associates is green-lit.
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Should a transaction not exceed MVR 35,000, permission must be sought from an official who is deemed financially responsible.
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For transactions between MVR 35,000 and MVR 5 million, a bid committee must approve the bids.
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If a transaction exceeds MVR 5 million, the National Tender Board is required to give permission.
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