Government launches one time settlement scheme Vivas se Vishwas 2.0

Government launches one time settlement scheme Vivas se Vishwas 2.0

The Department of Expenditure under the Ministry of Finance, Government of India launched the “Vivad se Vishwas 2″ scheme to provide a much-needed impetus to the resolution of contractual disputes involving the government and government undertakings.

The main aim behind this step is to promote ease of doing business and will cover disputes up to 30 September 2022.

The announcement has been made by the finance minister Nirmala Sitharaman in the budget that a voluntary settlement scheme with standardized terms will be introduced in order to settle contractual disputes involving the government and government undertakings.

It had also been cleared that the settlement scheme will be designed by offering graded settlement terms depending on pendency level of the dispute.

Guidelines:

• The Department of Expenditure has notified detailed guidelines for “Vivad se Vishwas-2 to ensure the scheme’s seamless implementation.
• The scheme could be applied to all domestic contractual disputes where one of the parties is either the Government of India or an organisation operating under its control.

 Deadline of the scheme:

• The Government of India has issued the deadline for submitting claims under the scheme which is 31 October 2023.
• If court awards passed on or before 30 April 2023 under the scheme then the contractors will be allowed and offered settlement amounts up to 85% of the net amount awarded or upheld by the court.
• Similarly, for arbitral awards passed on or before 31 January 2023, the settlement amount offered will be up to 65% of the net amount awarded.

The government e-marketplace (GeM) has designed and made a dedicated web-page for the implementation of the “Vivad se Vishwas-2 (Contractual Disputes)” scheme to facilitate a smooth and transparent process.

Even the eligible claims will be processed exclusively through the GeM platform.

Question & Answer:

Q1. What is the name of the scheme launched for one time settlement for business?

Ans. Vivad se Vishwas 2.0

Q2. What is the deadline for submitting claims under the Vivad se Vishwas scheme?

Ans. 31 October 2023

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