<h1>Government Offers MSMEs 95% Refund on Forfeited Security for COVID-Era Contract Defaults Under Vivad se Vishwas I Relief.</h1> The government has introduced the Vivad se Vishwas I Relief scheme to support Micro, Small, and Medium Enterprises (MSMEs) affected during the COVID-19 pandemic. Announced in the Union Budget 2023-24, the scheme allows for the return of 95% of forfeited amounts related to bid or performance security to MSMEs that failed to execute contracts during the pandemic. Additional benefits include refunds of liquidated damages and risk purchase amounts, and revocation of debarments due to contract execution defaults. Claims must be submitted by June 30, 2023, and will be processed through the Government e-Marketplace.