New Delhi, Oct 14 (PTI) The road transport and highways ministry has agreed to implement Vivad Se Vishwas II scheme in a campaign mode with a target to settle all eligible claims, an official statement said on Saturday.

The Vivad se Vishwas Il (Contractual Disputes) scheme of the Ministry of Finance contains a detailed procedure to arrive at the settlement amount that shall be offered to contractors and where the claim amount is Rs 500 crore or less, the ministry said.

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The claims are to be submitted by October 30, 2023, through GeM portal.

According to the statement, the secretary for Ministry of Road Transport & Highways, Anurag Jain, said that Vivad se Vishwas Il scheme has been formulated to clear the backlog of old litigation cases.

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He said the scheme will help in freeing up locked working capital and stimulate fresh investments.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)