Govt launches ‘Vivad se Vishwas’ Scheme for Covid-19 relief to MSMEs

Govt launches ‘Vivad se Vishwas’ Scheme for Covid-19 relief to MSMEs

Daily Current Affairs / Govt launches ‘Vivad se Vishwas’ Scheme for Covid-19 relief to MSMEs

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Category : National Published on: May 04 2023

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The Government has launched the ‘Vivad se Vishwas scheme for relief to the Micro, Small and Medium Enterprises for Covid-19 period, as announced in the Union Budget 2023-24 by Finance Minister Nirmala Sitharaman.
The initiative to provide succour to MSMEs comes into play in cases of failure by MSMEs to execute contracts during the Covid period.
The relief provided under this scheme is in continuation to the efforts of the government in promoting and sustaining the MSME sector.
The scheme commenced from 17 April, 2023 and the last date for submission of claims is 30 June, 2023. Under the scheme, Ministries have been asked to refund performance security, bid security and liquidated damages forfeited/ deducted during the Covid-19 pandemic.
The scheme will be applicable to registered MSMEs on the date of the claim by the supplier/contractor. MSME could be registered for any category of goods and services.
The original delivery period/completion period stipulated in the contract was between February 19, 2020 and March 31, 2022.
The Ministry of Finance, through this scheme, decided to give additional benefits to eligible MSMEs, affected during the Covid-19 period, including a refund of 95 percent of the performance security, bid security, liquidated damages and risk purchase amount.

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