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The authorities has settled 43,904 refund claims value ₹700 crore of the nation’s Micro Small and Medium Enterprises (MSMEs) underneath the dispute decision scheme Vivad se Vishwas, Finance Secretary T.V. Somanathan stated.
Under the scheme, MSMEs may declare a refund of 95% of efficiency or bid safety and liquidated damages forfeited by authorities departments and public sector entities in the course of the Covid-19 pandemic.
The scheme, introduced within the 2023-24 Budget, opened on April 17, and the final date for submission of claims for reduction on the GeM portal (the Centre’s e-procurement web site) was July 31.
Mr. Somathan stated about 4,000 refund claims are but to be determined.
This scheme was in response to the extreme affect on the MSME sector as a result of Covid-19 pandemic.
