<h1>Government to Refund 95% of Forfeited Securities to COVID-19 Affected MSMEs; Liquidated Damages and Debarments Revoked.</h1> The government has announced significant relief for Micro, Small, and Medium Enterprises (MSMEs) affected during the COVID-19 period, fulfilling a promise from the Union Budget 2023-24. Under this relief, 95% of forfeited bid or performance securities will be refunded to MSMEs, with no interest on the refunded amount. This applies to contracts for goods and services procured by various government entities between February 19, 2020, and March 31, 2022. Additionally, liquidated damages deducted will also be refunded, and any debarment due to contract execution failures will be revoked. The process will be managed through the Government e-Marketplace (GeM) portal.