The Indian finance ministry has extended the deadline for Micro, Small and Medium Enterprises (MSMEs) to submit refund claims for performance or bid security and liquidated damages forfeited by government departments and public sector entities during the COVID-19 pandemic. The deadline, which was originally set for June 30, has been extended by a month to July 31. The scheme, known as ‘Vivad se Vishwas-I’, provides that in cases of failure by MSMEs to execute contracts during the COVID-19 period, 95% of the forfeited amount relating to bid or performance security will be returned to them by government and government undertakings. Certain relief has also been provided to MSMEs debarred for default in execution of contracts during the coronavirus period till March 31, 2022.
FinMin Extends Deadline for MSMEs to Submit Refund Claims of Forfeited Bid Security in Govt Contracts Till July 31
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