PUNJAB CABINET OKAYS OTS FOR CHRONIC DEFAULTERS OF DUES OF PRINCIPAL COST OF INDUSTRIAL PLOTS IN FOCAL POINTS

Chandigarh, December 23:

The Punjab Cabinet on Thursday gave approval to bring out OTS for chronic defaulters of dues of principal cost of industrial plots located in different focal points developed by the Punjab Small Industries and Export Corporation (PSIEC)/Punjab Infotech in the state.

A decision to this effect was taken during a Cabinet meeting chaired by Chief Minister Charanjit Singh Channi here at Punjab Bhawan, this evening.

According to a spokesperson of the Chief Minister’s Office, under this scheme, defaulter allottees have been given an opportunity to clear their long outstanding dues of PSIEC/Punjab Infotech after availing waiver of 100% component of penal interest and of 25% component of normal interest due or maximum up to the current reserve price of the plot (after adjusting already paid amount), as may be chosen by the plot holder. Plot holder would be required to deposit their dues under this scheme on or before March 31, 2022.

OKAYS OTS FOR DEFAULTER PLOT HOLDERS IN INDUSTRIAL ESTATES DEVELOPED BY INDUSTRIES DEPARTMENT

In a bid to accelerate the pace of industrial growth in the state and provide hassle free usage of industrial plots/sheds already allotted to entrepreneurs, the Cabinet also gave approval to extend One Time Settlement (OTS) Scheme for restoration, transfer, and conversion to free hold of industrial plots/sheds.

This scheme would apply to allottees of plots and shed in Industrial Estates including commercial allotments like Shop-cum-Flats (SCFs) made by the Industries & Commerce Department.

Simultaneously, the Cabinet also gave nod to extend the time limit from September 30, 2021 to March 31, 2022 for defaulter plot holders of various focal points to deposit the enhanced price of plots under the amnesty scheme. Likewise, the Cabinet also decided to reduce the rate of interest from 15% to 8.5% per annum (compounding). This scheme would be applicable to the allottees of Punjab Small Industries and Export Corporation and Punjab Infotech. Besides, this industry friendly initiative would lead to create conducive atmosphere thereby motivating the concerned plot holders to make concerted efforts for revival and upliftment of their enterprises which have been deeply shaken due to Covid-19 pandemic.

ALLOWS EXEMPTION IN PAYMENT OF MOTOR VEHICLE TAX

The Cabinet also gave a go ahead for exemption of Motor Vehicle Tax for Stage carriage buses (Big & Mini Buses) and Contract Carriage vehicles less than 16 seater vehicles thus relieving the transport sector from financial loss in wake of huge loss suffered by it amid Covid-19 pandemic.

Notably, the situation remained grim even in the year 2021 due to lockdown imposed during the second phase of Covid-19, resultantly there is hardly any sector which was not affected. A very few passengers could travel in these buses as there was a lot of fear amongst the masses for which they preferred travelling in private vehicles instead of using the public transport. Various representations were received from the private transporters through which they highlighted the issue that rising prices of diesel has further deteriorated there situation. The entire income generated from buses is spent in meeting the expenses on diesel and maintenance. Therefore, these transporters deserved to be allowed exemption in the payment of Motor Vehicle Tax.