What is the aim and Features of Vivad se Vishwas 2 Scheme?

Aim Vivad se Vishwas 2 Scheme: The Central Government has launched the Vivad se Vishwas II scheme. The scheme aims to resolve the government’s contractual disputes with private parties, clear the backlog of litigation, and improve the ease of doing business.

About Vivad se Vishwas 2 Scheme

  • The scheme aims to settle contractual disputes involving the government and government undertakings.
  • The scheme was announced in the Union Budget 2023-24 by the Union Finance Minister.
  • Agency: Department of Expenditure, Ministry of Finance.

Features of Vivad se Vishwas II Scheme

  • The scheme will apply to all domestic contractual disputes where one of the parties is either the Govt of India or an organization operating under its control.
  • The central government is aiming to resolve approximately 500 cases, involving an estimated Rs. 1 trillion, under this new voluntary settlement scheme.
  • The one-time settlement scheme will cover cases where the court order was passed by 30 April 2023, and the arbitral order was given by 30 January 2023.
  • Under the scheme, for court orders passed on or before 30 April 2023, the settlement amount offered to the contractor will be up to 85% of the net amount awarded or upheld by the court.
  • For arbitral orders passed on or before 1 January 2023, the settlement amount offered is up to 65% of the net amount awarded.
  • Eligible claims will be processed only through the government e-marketplace.

FAQ related to Vivad se Vishwas 2 Scheme

  1. What is the purpose of Vivad Se Vishwas?

    The scheme aims to resolve the government’s contractual disputes with private parties, clear the backlog of litigation, and improve the ease of doing business.

  2. What is the scheme of Vivad se Vishwas?

    Vivad se Vishwas-2 is a one-time settlement scheme announced by the government to settle pending contractual disputes. Application for settlement is to be made by the contractors through the GeM portal. The scheme is valid from July 15 to October 31, 2023.

  3. What is the validity scheme of Vivad se Vishwas?

    Vivad se Vishwas-2 Application for settlement is to be made by the contractors through the GeM portal. The scheme is valid from July 15 to October 31, 2023.

  4. What is Vishwas scheme income tax?

    The relief provided under this scheme is in continuation to the efforts of the government in promoting and sustaining the MSME sector.

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