The Punjab Cupboard Monday authorised two one-time settlement schemes, together with one to resolve instances pending for 4 a long time and to waive compounding and penal pursuits in order that the industrialists might clear their long-pending dues for industrial plots in state’s focal factors.
The choice was taken in assembly of the Council of Ministers chaired by Chief Minister Bhagwant Mann.
A spokesperson of the Chief Minister’s Workplace stated the OTS schemes will facilitate industrialists to settle industrial disputes associated to enhanced land prices and delayed principal funds thereby guaranteeing that long-standing grievances of industrialists are resolved in a good and clear method.
“A complete of 1,145 industrialists throughout Punjab will profit from this scheme, permitting them to clear their dues and reinvest of their companies, resulting in financial progress and job creation. These industrialists collectively make use of hundreds of individuals, and the monetary reduction offered by the OTS scheme will additional stabilise companies, stop closures and result in new employment alternatives,” stated the spokesperson.
Earlier, addressing the media, Industries Minister Tarunpreet Singh Sond stated the Cupboard has authorised the proposal to carry two OTS schemes for industrialists. “There are 52 focal factors, unfold over 8,000 acres of land and 14,000 industrial plots within the state,” he added.
Below the primary OTS scheme, the plot holders, who didn’t pay their land enhancement expenses, wouldn’t must pay penal and compounding pursuits on their dues, the minister stated, including “they will pay easy curiosity on the price of 8 per cent to clear their dues”.
Below the second OTS scheme, Sond stated the industrialists, who have been allotted plots however couldn’t pay their principal quantity due to any motive, can now pay the fees with 8 per cent easy curiosity. “They don’t must pay compounding and penal pursuits,” he stated, including the 2 schemes will proceed until December 31, 2025.
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The scheme will apply to defaulter plot holders whose unique allotment was issued on or earlier than January 1, 2020, guaranteeing that long-pending instances are addressed successfully.
Industrial plots, sheds and residential plots in Industrial Focal Factors developed by Punjab State Industries Export Company (PSIEC) throughout Punjab will probably be coated beneath this scheme, making it a broad-based initiative for industrial revival, stated the spokesperson.
As per the scheme, the federal government will present a major monetary reduction measure by permitting defaulters to clear dues with a nominal easy rate of interest of 8 per cent together with a 100 per cent waiver of penal curiosity.
Even plot holders whose allotments have been cancelled will now have an opportunity to get them again by paying their dues, giving companies a second likelihood to restart and develop.
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The income collected by way of this scheme will probably be reinvested into industrial infrastructure, together with enhancing focal factors and creating new industrial parks, boosting Punjab’s industrial panorama, stated the spokesperson.
A particular digital assist desk will probably be arrange by PSIEC to help {industry} promoters in availing of the scheme, guaranteeing a clean and hassle-free course of for candidates. “This initiative will improve Punjab’s repute as an industry-friendly state, entice new investments, and create an atmosphere conducive to enterprise progress,” the spokesperson added.
Rajya Sabha MP Sanjeev Arora, who too addressed the media with Sond, stated he had earlier engaged with three main {industry} associations in Punjab to compile a listing of urgent points. He stated that industrialist “unanimously” demanded an OTS scheme for pending instances of disputes associated to enhanced land prices and pending funds.
He stated he reached out to AAP nationwide convenor Arvind Kejriwal, Chief Minister Bhagwant Mann, and Sond “concerning important points raised by the commercial sector”, they usually agreed to deal with the identical.
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He stated that the OTS schemes would profit small and medium enterprises probably the most. “They confronted challenges in acquiring loans and approvals from banks resulting from pending dues…Our authorities took a historic step by implementing the OTS scheme at a flat rate of interest of simply 8%,” Arora stated.
The Rajya Sabha MP additional stated, “Trade representatives have calculated that they’ll save Rs 2,160 per sq. yard resulting from this initiative. This profit will straight strengthen their monetary place and enhance their steadiness sheets”.
He additionally counseled the institution of two devoted counters beneath a single-window system saying it can “eradicate bureaucratic hurdles and simplify the method” for industrialists.
Trade our bodies CII Punjab and PHD Chamber of Commerce and Trade welcomed the state authorities’s transfer to announce the OTS scheme. CII Punjab chairman Amit Jain stated the initiative will undoubtedly assist industries proceed their operations uninterrupted, and by clearing previous dues, it can enable companies to concentrate on growth and innovation.
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In the meantime, the cupboard additionally gave a nod to the coverage to permit the give up of the structure plan of an industrial park undertaking, offered that the promoter deposits the excellent dues of statutory expenses as levied by the competent authority on the time of approval. The choice has been taken because of the non-availability of a coverage concerning the give up of the structure of tasks developed beneath the Industrial Park Coverage.
The cupboard additionally gave its consent to amend Clause 5(1) of the Punjab State Public Service Fee (Situation of Service) Regulation Act for the appointment of the chairman and members of the fee.
