Government launches Vivad se Vishwas scheme
The Department of Expenditure, Ministry of Finance, has launched the scheme, “Vivad se Vishwas I – Relief to MSMEs” for providing relief to Micro, Small and Medium Enterprises (MSMEs) for COVID-19 period.
An overview of the news
The scheme was announced in the Union Budget 2023-24 by Union Finance Minister Nirmala Sitharaman.
The relief provided under this scheme is in continuation to the efforts of the government in promoting and sustaining the MSME sector.
Under the scheme, ministries have been asked to refund performance security, bid security and liquidated damages forfeited/ deducted during the Covid pandemic.
Additional benefits to eligible MSMEs, affected during the COVID-19 period
95% of the performance security forfeited shall be refunded.
95% of the Bid security shall be refunded.
95% of the Liquidated Damages (LD) deducted shall be refunded.
95% of the Risk Purchase amount realized shall be refunded.
Registered as a Medium, Small or Micro Enterprise as per relevant scheme of Ministry of MSME on the date of claim by supplier/ contractor.
MSME could be registered for any category of Goods and Services.
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