Instructions to return 95 percent of seized contract amount to MSMEs during Covid period
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Finance Minister Nirmala Sitharaman in her budget speech had announced to bring Vivad se Vishwas scheme for MSME units. According to this, 95 percent of the confiscated amount will be returned to them for failing to complete government contracts during the Kovid period.
The Finance Ministry on Monday directed all departments and public undertakings to return 95 percent of the bid security and forfeited compensation amount in government tenders of the Kovid period from MSME units. Finance Minister Nirmala Sitharaman in her budget speech had announced to bring Vivad se Vishwas scheme for MSME units. According to this, 95 percent of the confiscated amount will be returned to them for failing to complete government contracts during the Kovid period.
The Department of Expenditure of the Ministry of Finance issued an office memorandum saying that by March 31, 2022, all contractors and suppliers registered as micro, small and medium units (MSMEs) will be given a refund of 95 percent of the forfeited amount for not completing the contract. Will be eligible to get. This relief will be available only on contract deals completed from February 19, 2020 to March 2022. According to an official statement, the MSME units were given major relief in terms of contracts in the Covid era.
Under this order, all departments and PSUs have been asked to return the amount deposited for bidding on behalf of MSMEs and the compensation amount seized for not completing the contract. This relief will be given on contracts given to MSMEs for purchase of services and goods by any department, ministry, subsidiary office, autonomous body, central public enterprise, public financial institution in the prescribed period.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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