INDUSTRY AND INVESTMENT PROMOTION MINISTER THANKS CHIEF MINISTER BHAGWANT SINGH MANN FOR IMPLEMENTING THE SCHEME, – NOTICES WILL BE ISSUED TILL APRIL 30, 2025, – PSIEC TO SET UP SPECIAL HELP DESKS TO ASSIST INDUSTRY PROMOTERS
(MOREPIC1) Face2News/Chandigarh
Industries and Investment Promotion Minister Tarunpreet Singh Sond has thanked Chief Minister Bhagwant Singh Mann for introducing the One-Time Settlement Scheme (OTS) to resolve old pending cases, to provide long-awaited relief to industrialists of Punjab.
Sond said that OTS scheme will facilitate the industrialists to settle industrial disputes related to enhanced land costs and delayed principal payments thereby ensuring that long-standing grievances of industrialists are resolved in a fair and transparent manner. He said that, as per the scheme, the government will provide a significant financial relief measure by allowing defaulters to clear dues with a nominal simple interest rate of 8%, along with a 100% waiver of penal interest. “The last date to avail of this scheme is December 31, 2025, providing ample time for defaulters to come forward and clear their outstanding dues”, he added.
(SUBHEAD)Industry minister informed that the scheme will apply to defaulter plot holders whose original allotment was issued on or before January 1, 2020, ensuring that long-pending cases are addressed effectively. He said that approximately 1145 industrialists across Punjab will benefit from this scheme, allowing them to clear their dues and reinvest in their businesses. Notices will be issued to all concerned industrialists by April 30, 2025, so that they can deposit the money by December 31.
He further informed that Industrial plots, sheds, commercial plots, and residential plots in Industrial Focal Points developed by Punjab State Industries Export Corporation (PSIEC) across Punjab will be covered under this scheme. He said that the plot holders whose allotments were cancelled but whose possession was not yet taken by PSIEC (and not allotted further), will get an opportunity to restart and grow their business by paying their dues. Sond said that the scheme will enable industries to free themselves from large financial burdens and legal complexities, unlocking their potential for expansion and modernization.
Industry minister further said that the revenue collected through this scheme will be reinvested into industrial infrastructure, including improving focal points and developing new industrial parks, boosting Punjab's industrial landscape. He said that a special help desks will be set up by PSIEC to assist industry promoters in availing of the scheme, ensuring a smooth and hassle-free process for applicants.
