Tradeindia Exim Newsletter | 09 May 2023
09, May 2023
Vivad se Vishwas

The government last week eased the provisions of the Vivad se Vishwas scheme, which was announced in the Union Budget 2023-24, with an objective to give relief to Covid-hit Micro, Small and Medium Enterprises (MSMEs) in case of their failure to execute contracts during the pandemic period. This scheme has been operationalized from April 17 and will remain open for applications till June 30.

Under the scheme, pending recoveries of performance security, bid security and liquidated damages forfeited/ deducted from MSMEs will be slashed by 95%. In an official statement last week, the Finance Ministry added that in case any firm has been debarred only due to default in execution of such contracts, such debarment shall also be revoked and no interest shall be paid on the refunded amount.

Relief will be provided to all MSMEs which entered into contract with "any Ministry/ Department/ attached or subordinate office/ autonomous body/ Central Public Sector Enterprise (CPSE)/ Central Public Sector Banks/ Financial Institution etc." for goods and services. Also, the provisions will be applicable only when original delivery period/ completion period stipulated in contract was between February 19, 2020 and March 31, 2022.

Continue Reading...
Have questions on trade related issues? Ask Here
Vivad Se Vishwas scheme aimed to provide relief to MSMEs comes into force
Government has launched the 'Vivad Se Vishwas I - Relief to MSMEs' scheme, which it had announced in the Union Budget for 2023-24, to provide relief to small and medium enterprises for the Covid-19 period. The scheme commenced from April 17 and the last date for submission of claims under it is June 30, 2023...
Indian startups must boost corporate governance: : Amitabh Kant
Indian startups must give priority to good governance and financial management and create new benchmarks not only for India but also for other G20 nations, G20 Sherpa Amitabh Kant has stressed. Globally, startups have evolved into the catalyst for economic recovery, reorientation and growth driven by innovation...
'Better early warning signal mechanism needed to insulate economy from global shocks'
The Financial Stability and Development Council (FSDC) on Monday decided that a mechanism needs to be evolved to strengthen early warning signals, so that all kinds of financial stress can identified well in advance. During the 27th meeting of the FSDC, presided over by Finance Minister Nirmala Sitharaman...
India-UAE bilateral trade grew 20% in 2022-23
Since the Comprehensive Economic Partnership Agreement (CEPA) came into existence, bilateral trade between India and UAE witnessed tremendous growth of 20 per cent in 2022-23 as against the previous year. India's exports to the UAE also recorded a remarkable growth of 12 per cent, reaching $31.3 billion in 2022-2023. This was stated by Secretary, Department for Promotion of Industry and Internal Trade (DPIIT) Rajesh Kumar Singh...
Read More
Click here for more Trade Shows.
Upcoming Trade Shows in | May | June | June
I am happy to be able to write you this letter of recommendation on behave of Linglu Industries (China) Limited. their service attitude is positive and professional. I have a deeply impression. India market has been an important market that we value. There are so many good inquiries and related business can be achieved, hope we will continue so many years in the future because of tradeindia support...
Ms Lucky Wu
You have received this mail because you have subscribed for trade india's Exim Newsletter. To unsubscribe Click Here