Vivad se Vishwas – II

Recently, the Department of Expenditure, Ministry of Finance, has launched the scheme, “Vivad se Vishwas II -(Contractual Disputes), to effectively settle the pending contractual disputes of government and government undertakings. The scheme was announced in the Union. Budget 2023-24 by the Union Finance Minister.

• Launched on August 2, 2023
• Launched by the Department of Expenditure, Ministry of Finance
• Scheme for- To settle contractual disputes of government and government undertakings, wherein arbitral award is under challenge in a court

Key Highlights

• The scheme will apply to all domestic contractual disputes where one of the parties is either the Government of India or an organisation working under its control.
• The scheme will cover all disputes with Central government agencies, including autonomous bodies, public sector banks and financial institutions, central public sector firms, union territories, and the National Capital Territory of Delhi, along with their respective agencies.
• Under the scheme, for Court Awards passed on or before 30.04.2023 the settlement amount offered to the Contractor will be up to 85% of the net amount awarded/ upheld by the court.
• For Arbitral Awards passed on or before 31.01.2023, the settlement amount offered is up to 65% of the net amount awarded.
  Government e-Marketplace (GeM) has developed a dedicated web-page for implementation of this scheme.

Ministry of Finance launched the scheme,

“Vivad se Vishwas I- Relief to MSMES”

• 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 (April 17, 2023). The scheme was announced in the Union Budget 2023-24 by Union Finance Minister Smt. Nirmala Sitharaman.