Image Source : PTI/FILE Union Finance Minister Nirmala Sitharaman
In an attempt to pending disputes relating to government contracts, the Union finance ministry launched the “Vivad se Vishwas” scheme on Wednesday. Under this scheme, the contractors will have time till October 31 to submit their claims.
According to the information, the scheme would apply to all domestic contractual disputes in which the government of India or an organisation functioning under its authority is one of the parties. Under the plan, the settlement amount offered to the contractor for court awards issued on or before April 30, 2023, will be up to 85% of the net amount awarded/upheld by the court.
For arbitral awards passed on or before January 31, 2023, the settlement amount offered is up to 65 per cent of the net amount awarded.
“The Department of Expenditure, Ministry of Finance, has launched the scheme, ‘Vivad se Vishwas II – (Contractual Disputes)’, to effectively settle the pending contractual disputes of government and government undertakings,” it said in a statement.
Government e-Marketplace (GeM) has developed a dedicated web page for the implementation of this scheme. Eligible claims shall be processed only through GeM. For non-GeM contracts of the Ministry of Railways, contractors may register their claims on the railway’s e-procurement system portal IREPS.
(With PTI inputs)
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