Govt. Launches ‘Vivad se Vishwas Scheme’ for Providing Relief to MSMEs for the COVID-19 period
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- Last Updated on 6 May, 2023
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Press Release dated 02.05.2023
The Department of Expenditure, Ministry of Finance, has launched a scheme, “Vivad se Vishwas I – Relief to MSMEs” to provide relief to Micro, Small and Medium Enterprises (MSMEs) for the COVID-19 period. This scheme was announced in the Union Budget 2023-24 by the Union Finance Minister. Under the scheme, Ministries have been instructed to refund performance security, bid security and liquidated damages that were forfeited or deducted during the pandemic.
Earlier, the Department of Expenditure, Ministry of Finance, issued an order on February 6, 2023, outlining the broad structure of the scheme. Final instructions in this regard, extending the relief to cover more cases and relaxing the limits of refunds were issued on April 11, 2023. The scheme commenced on April 17, 2023, and the last date for submission of claims is June 30, 2023.
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