Budget 2023: Sitharaman announces new commercial dispute resolution scheme under Vivad Se Vishwas-2

Finance Minister Nirmala Sitharaman has announced a new scheme under the Vivad Se Vishwas-2 to settle contractual disputes of government and government undertakings where an arbitral award is under challenge in a court. The new voluntary settlement scheme with standardized terms will be introduced soon.

"To settle contractual disputes of government and government undertakings where an arbitral award is under challenge in a court, a voluntary settlement scheme with standardized terms will be introduced, Sitharama said during her speech.

Sitharaman has also announced a one-stop solution for reconciliation and updating of the identity and address of individuals maintained by various government agencies, regulators and regulated entities.

For preventing the need for separate submission of the same information to different government agencies, a system of a unified filing process will be set up.

"For the business establishments required to have a permanent account number, the PAN will be used as a common identifier for all digital systems of specified government agencies," Sitharaman said.

Under the ease of doing business, more than 39,000 compliances have been reduced and over 34,000 legal provisions have been decriminalized.

"If MSMEs fail to execute contract, 95 per cent of performance security will be returned to small business as part of Vivad Se Vishwas," Sitharaman said during her speech.

Follow LIVE: Union Budget 2023 LIVE updates: Finance Minister Nirmala Sitharaman to table budget today

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