Government announces “Vivad Se Vishwas II” to resolve contractual disputes
- News|Blog|FEMA & Banking|
- < 1 minute
- By Taxmann
- |
- Last Updated on 10 February, 2023
Latest from Taxmann
Press Release, Dated 08.02.2023
The Hon’ble FM in her budget speech announced that to settle contractual disputes of government and government undertakings a voluntary settlement scheme with standardized terms will be introduced. Therefore, the MoF circulated a draft scheme for consultation with stakeholders. It is aimed at bringing quick finality to certain contractual disputes in which Government of India or its agencies is a litigant. The draft scheme is available on Department of expenditure’s website (doc202328158601.pdf (pib.gov.in)
Some of the salient features of the proposed scheme are as under:
- The scheme will apply to disputes where one of the parties is either the Government of India or its agencies.
- Disputes, where claims are raised against procuring entities as above along with some other party (State Government or private party), shall not be eligible under the scheme.
- Disputes having only financial claims against the procuring entities will be settled through this scheme.
- The Scheme proposes graded settlement terms depending on pendency level of the dispute.
- It is proposed to cover only for cases involving domestic arbitration and cases under international arbitration are not eligible to be settled under this scheme.
Click Here To Read The Full Press Release
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
