Over 10K MSME Refund Claims Received as Relief Under Dispute Se Vishwas Scheme

The government’s dispute resolution plan, known as the Dispute Resolution Scheme 1 under MSMEs, has resulted in claims of more than 10,000 being settled. Under this scheme, MSMEs can claim a refund of up to 95% of the security deposited by them to companies or government departments during the COVID-19 period. The scheme, which was launched on April 17, 2023, in the budget for 2023-24, allowed claims to be submitted on the GeM portal, with the final date for submission being July 31.

The government, in an effort to provide significant relief to small, micro, and medium-sized enterprises (MSMEs), has approved claims of over 10,000 under several ministries/departments. Those MSMEs that have suffered losses during the COVID-19 period will receive substantial relief. This will result in refunds of over INR 256 crores to the MSME sector, which will not only free up bank funds but also contribute to growth in the banking sector.

The highest relief, amounting to INR 116.47 crores, will be provided to the Ministry of Petroleum and Natural Gas. This includes claim settlements under the Petroleum and Natural Gas Ministry’s contractual regulations and settlements made by agencies under the Ministry of Petroleum and Natural Gas (MoPNG). Railways and Defense Ministries will also settle claims, with a total amount of INR 76.16 crores and INR 23.45 crores, respectively. The Steel and Power Ministries will settle claims worth INR 14.48 crores and 6.69 crores, respectively.

Akash Shrivastav

My name is Akash Shrivastav, and I am a Blogger. I have 8 years of experience in blogging for Finance, Business, Investment, Stock Market, Cryptocurreny and more. Through my writing, I aim to provide readers with insightful and informative content.