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Big relief to MSMEs: The Modi government has given great relief to Micro Small and Medium Enterprises. It has been decided by the Ministry of Finance to give this relief to MSMEs for the Corona period. The Department of Expenditure, which comes under the Ministry of Finance, has issued an order to all the Ministries and Departments to return the amount of security deposits of MSMEs that were seized due to not being able to complete the contract during the Corona period.
Finance Minister Nirmala Sitharaman had announced this relief under the Vivad se Vishwas scheme in her budget speech during the general budget presented for 2023-24. The Finance Minister had said in his budget speech that 95% of the bid amount or performance security of MSMEs forfeited by the government and PSUs due to non-fulfillment of contracts during the COVID-19 times, would be given to MSMEs. will be returned. This will be of great help to MSMEs.
Government provides a big relief to MSMEs for COVID-19 period; Fulfills promise announced in Union Budget 2023-24.
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— Ministry of Finance (@FinMinIndia) February 6, 2023
Five days after the Finance Minister’s budget speech, the Department of Expenditure has issued orders to return the seized amount of MSMEs from all ministries and government departments. In the press release issued by the Ministry of Finance, it has been told that the biggest crisis of the Corona epidemic had a bad impact on the economy. It had a very bad effect on MSMEs. The difficulty faced by the MSMEs in the last two years due to the Corona epidemic has been brought to our notice. According to the Finance Ministry, the government has made several announcements to provide relief to MSMEs. Now the government has decided to give additional relief. which is like this.
1. 95 percent of the forfeited performance security amount will be refunded.
2. 95 percent of the bid amount deposited towards MSMEs for the open tender between February 19, 2020 to March 31, 2022, which has been forfeited, will be returned to the MSMEs.
3. Out of the Liquidated Damages recovered from such MSMEs, 95 percent amount will also be returned.
4. If a company has been banned from doing government work due to non-completion of contract work during the Corona period, it will be withdrawn.
5. Whatever amount will be returned to MSMEs, they will not get any interest.
According to the Finance Ministry, the process of giving relief through the Government E-Market Place (GeM) will be notified separately.
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