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Vivad Se Vishwas scheme aimed to provide relief to MSMEs comes into force
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IANS | 02 May, 2023
Government has launched the 'Vivad Se Vishwas I - Relief to MSMEs'
scheme, which it had announced in the Union Budget for 2023-24, to
provide relief to small and medium enterprises for the Covid-19 period.
The scheme commenced from April 17 and the last date for submission of claims under it is June 30, 2023.
Finance
Minister Nirmala Sitharaman while announcing the scheme during her
budget speech on February 1, 2023, had said that in cases of failure by
MSMEs to execute contracts during the Covid period, 95 per cent of the
forfeited amount relating to bid or performance security will be
returned to them by government and government undertakings.
This will provide relief to MSMEs, she had said.
Covid-19
pandemic had a devastating impact on economy, especially MSMEs and
under the scheme, the relief being provided to such enterprises is aimed
at promoting and sustaining the sector, official sources said.
Under
the scheme, ministries have been asked to refund performance security,
bid security and liquidated damages forfeited or deducted during the
Covid-19 pandemic. Certain relief has also been provided to MSMEs
debarred for default in execution of contracts during the Covid-19
period.
The finance ministry through this scheme has decided to
give certain additional benefits to eligible MSMEs, affected during the
Covid-19 period like refunding 95 per cent of the performance security
forfeited earlier during the pandemic.
Also it would refund 95
per cent of the liquidated damages deducted earlier, while 95 per cent
of risk purchase amount realised shall also be refunded.
In case
any firm has been debarred only due to default in execution of such
contracts, such debarment shall also be revoked, by issuing an
appropriate order by the procuring entity.
However, in case a
firm has been ignored for placement of any contract due to debarment in
the interim period (i.e. date of debarment and the date of revocation
under this order), then no claim shall be entertained. Also, no interest
shall be paid on such refunded amount.
Also, relief will be
provided in all contracts for procurement of goods and services, entered
into by any ministry or department attached with MSMEs.
The
relief though would be provided only if these entities are registered as
a medium, small or micro enterprise as per relevant scheme of the MSME
ministry on the date of claim by supplier or contractor.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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