Relief for MSMEs as Government extends ‘Vivad se Vishwas I’ Scheme

New Delhi, Jan 8 (KNN) Micro, Small, and Medium Enterprises (MSMEs) received a major relief as Government extended the period of submission of financial claims for both sales and services under the ‘Vivad se Vishwas I’ scheme which last expired on 31st July 2023. Now under the said scheme the claims can be submitted from 1st January 2024 to 31st March 2024.

The scheme was brought by Government to provide relief to MSMEs who had been facing issues of delayed payments during the COVID 19 pandemic. The Scheme was part of Government’s initiative to address financial impediments faced by the MSMEs during Covid-19 Pandemic.

Many MSME vendors doing business in the areas of Sales, Services and Contracts with Central Government entities, were able to get their payment claims under this scheme. Now, with the scheme’s extension, vendors who could not take benefit of the scheme earlier due to lack of information or were not able to register on GeM portal, can now avail the scheme and submit their claim promptly as per the guidelines.

Government e-Marketplace (GeM) has provided a dedicated link on their portal for implementation of this scheme. The portal has the functionality for MSME vendors to register their claims through its authorised personnel. For non-GEM contracts of Ministry of Railways, MSME vendors will be required to register on IRePS (www.ireps.gov.in ). Registered vendors/contractors are required to submit details such as contract number, contracting authority, deducted/forfeited amount, etc. on the portal.

The scheme mandates procuring entities to approve/reject claim within 30 days of its submission. Payment is to be made within 30 days of acceptance of claim.

(KNN Bureau)