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Inquiry based purchase procedure used for amount of?
10000
25000
50000
75000
25000
The inquiry-based purchase procedure (also known as limited or local competitive bidding) is a standard procurement method used for small-scale purchases. In many government and public sector organizations, this limit is set at тВ╣25,000 for direct procurement without detailed open tendering.
The inquiry-based purchase procedure (also known as limited or local competitive bidding) is a standard procurement method used for small-scale purchases. In many government and public sector organizations, this limit is set at тВ╣25,000 for direct procurement without detailed open tendering.
PdirectтАЛтЙд25000 тАФ Upper bound for inquiry-based procurement in Indian standard accounts codes
This method works by obtaining quotations from a limited number of known or registered vendors instead of publishing a public tender. This reduces administrative overhead and time for low-value transactions while maintaining transparency through competitive price comparison.
Used for small-value capital or revenue expenditure.
Bypasses the elaborate open tender process to save time.
Ensures compliance with basic financial auditing standards.
Requires at least three competitive quotes to be considered valid.
Reduces paperwork for minor office/site equipment.
Faster turnaround for emergency procurement.
Reduces cost of advertising tenders.
Potential for vendor favoritism if not monitored.
Limited market exposure compared to open tendering.
Strict monetary caps limit utility for major projects.
Stationery procurement.
Minor maintenance parts or components.
Consumables for laboratory or electrical testing units.
The limit of тВ╣25,000 is a standard figure stipulated in the General Financial Rules (GFR) for various departmental purchases.
Options like 10,000, 50,000, and 75,000 are often used as distractors in departmental examinations but do not represent the general threshold for inquiry-based procurement.
B is correct тАФ The inquiry-based purchase procedure is the recognized method for small-value procurements up to the specified limit of тВ╣25,000.
Always verify the specific financial limit in the 'General Financial Rules' or 'Departmental Manual' of your specific organization, as these can occasionally be revised by government notifications.