Centre settles more than 43000 MSME claims; refunds ₹700 cr.

By admin Dec3,2023

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The government has settled 43,904 refund claims worth ₹700 crore of the country’s Micro Small and Medium Enterprises (MSMEs) under the dispute resolution scheme Vivad se Vishwas, Finance Secretary T.V. Somanathan said.

Under the scheme, MSMEs could claim a refund of 95% of performance or bid security and liquidated damages forfeited by government departments and public sector entities during the Covid-19 pandemic.

The scheme, announced in the 2023-24 Budget, opened on April 17, and the last date for submission of claims for relief on the GeM portal (the Centre’s e-procurement website) was July 31.

Mr. Somathan said about 4,000 refund claims are yet to be decided.

This scheme was in response to the severe impact on the MSME sector due to the Covid-19 pandemic.

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