National Medical Commission (NMC) has issued a notification asking medical colleges to issue requests for return of expired Bank Guarantees.
An official notification on the NMC website read, "It has been observed that a large number of expired Bank Guarantees (BGs), submitted by the various medical colleges/institutions in connection with the UG/PG medical courses, are lying in the National Medical Commission. It has therefore, been decided to return those Bank Guarantees on a formal request of the colleges/institutions subject to the fulfilling of the following conditions."
The commission has asked the medical colleges to make a formal request for the return of the Bank Guarantees on fulfilling the following conditions.
- -The validity period of Bank Guarantee has expired, which is three-years for postgraduate courses and five-years for undergraduate courses.
- -At least one batch of postgraduate students has passed out after completing the course; and
- -At least one batch of undergraduate students has passed out after completing the course.
The NMC has asked the medical colleges/institutions to make a formal request for return of expired Bank Guarantees immediately on the authorised e-mails of MARB, NMC.
All private medical colleges are required to furnish Bank Guarantees for various purposes to the NMC.
The commission had earlier issued a notification that all medical colleges who had submitted their applications for establishment of new medical colleges, increase of MBBS seats, starting of postgraduate courses and increase of postgraduate seats will be required to submit the necessary Bank Guarantees wherever applicable.