Which of the following ministry has recently launched Vivad se Vishwas scheme?

 (a) Ministry of Corporate Affairs

(b) Ministry of Ayush

(c) Ministry of Housing and Urban Affairs

(d) Ministry of Finance

Ans. (d)

Exp. Government launches Vivad se Vishwas scheme.

The Department of Expenditure, Ministry of Finance, has launched the scheme, “Vivad se Vishwas I – Relief to MSMEs” for providing relief to Micro, Small and Medium Enterprises (MSMEs) for COVID-19 period.

The scheme was announced in the Union Budget 2023-24 by Union Finance Minister Nirmala Sitharaman.

Under the scheme, Ministries have been asked to refund performance security, bid security and liquidated damages forfeited/ 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.

Additional benefits to eligible MSMEs, affected during the COVID-19 period

• 95% of the performance security forfeited shall be refunded.
• 95% of the Bid securityshall be refunded.
• 95% of the Liquidated Damages (LD) deducted shall be refunded.
• 95% of the Risk Purchase amount realized shall be refunded.

Eligibility Criterion

• Registered as a Medium, Small or Micro Enterprise as per relevant scheme of Ministry of MSME on the date of claim by supplier/ contractor.
• MSME could be registered for any category of Goods and Services.