National Textile Corporation Limited (NTC Ltd) became the 51st Public Sector Undertaking (PSU) and 49th Central PSU to sign a Memorandum of Understanding (MoU) with Transparency International India (TII) for adopting Integrity Pact (IP).
What is IP?
- Integrity Pact is a tool which ensures that all activities and transactions between a Company or Government Department and their Suppliers are handled in a fair, transparent and corruption-free manner.
- It prohibits any kind of bribing, favour or any other unethical practice, which is closely monitored by honorary Independent External Monitors (IEMs).
- Integrity Pact, a Transparency International conceptualized instrument, has been vital in promoting clean procurement.
NTC Ltd desires to implement Integrity Pact in over 95% of contracts. The Integrity Pact was prepared as per the guidelines laid down by the Central Vigilance Commission.
NTC
- NTC Ltd. is a Schedule-A Public Sector Undertaking engaged and entrusted with Management and operation of Sick Textile Undertakings taken over and nationalized through various Acts.
- From a sick corporation NTC Ltd has moved to a turnover of Rs. 12 billion in the year 2013-14 and operation loss to Zero.
TII
- Transparency International India (TII) is an accredited chapter of Transparency International, Berlin.
- TII has been working in the field of public procurement since 2005 with an aim to bring about transparency in the tendering process.
Did You Know???
- In 2006, ONGC was the first Public Sector Undertaking (PSU) to sign MoU with TII and implement Integrity Pact in its public procurement processes.
