Vivad Se Vishwas Scheme Vivad Se Vishwas I – Relief for MSME | UPSC PIB NEWS

Vivad Se Vishwas Scheme

Vivad Se Vishwas I – Relief for MSMEs scheme launched to refund 95% of forfeited amount during covid.

Details :

The Department of Expenditure (DoE) under the Ministry of Finance launched the scheme “Vivad Se Vishwas I- Relief to MSMEs” for providing relief to Micro, Small and Medium Enterprises (MSMEs) for the covid-19 period.

As per the scheme, announced by finance minister Nirmala Sitharaman in the Union Budget 2023, ministries have been asked to refund performance security, bid security and liquidated damages forfeited/deducted during the Covid pandemic from MSMEs which were unable to execute government contracts due to Covid.

According to the scheme details, 95 per cent of the performance security, 95 per cent of the bid security, 95 per cent of the liquidated damages (LD), and 95 per cent of the risk purchase amount forfeited or deducted from MSMEs during the Covid period will be refunded.

Government e-Marketplace (GeM) has developed a dedicated web page for the implementation of this scheme.

The scheme commenced on 17th April 2023 and the last date for submission of claims is 30th June 2023.


Tag:   #GS2 #Scheme #Policies #Governance    #Pre

Join @upsc_pib_news