Vivad se Vishwas Scheme

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    • The Ministry of Finance has launched the scheme, “Vivad se Vishwas I – Relief to MSMEs”.

    More about News

    • The scheme was announced in the Union Budget 2023-24.
    • 95 % of the forfeited amount relating to performance security, bid security and liquidated damages forfeited/ deducted during the COVID-19 pandemic will be returned to MSMEs.
    • In case any firm has been debarred only due to default in execution of such contracts, such debarment shall also be revoked.
    • Government e-Marketplace (GeM) has developed a dedicated web-page for implementation of this scheme.  Eligible claims shall be processed only through GeM.

    Government e-Marketplace (GeM)

    • It is a one-stop National Public Procurement Portal to facilitate online procurement of common use Goods & Services required by various Central and State Government Departments / Organisations /Public Sector Undertakings ( PSUs).
    • It provides the tools of e-bidding, reverse e-auction and demand aggregation to facilitate the government users, achieve the best value for their money.
    • It aims to enhance transparency, efficiency and speed in public procurement.

    Vivad Se Vishwas scheme 

    • The Vivad Se Vishwas scheme was announced under Union Budget 2020 to reduce ongoing legal disputes under direct taxation.
    • Around 150,000 cases were resolved with the recovery of about 54 percent of the amount under litigation. The scheme started in March 2020, and closed on March 31, 2021.

    For further reading on MSMEs , kindly follow this link https://www.nextias.com/current-affairs/14-03-2022/micro-small-and-medium-enterprises-msmes-sector 

    Source: TH