Punjab Cabinet Plans One-Time Settlement Scheme to Relieve Industrialists

New Delhi (The Uttam Hindu): The Punjab government is preparing to announce a one-time settlement (OTS) scheme for industrial promoters as part of a special relief package. The proposal for the OTS scheme, aimed at providing relief to industrialists with outstanding payments, will be discussed and likely approved in the Punjab Cabinet meeting scheduled for 11 am today at the Chief Minister's residence. This scheme is expected to benefit 1,145 industrial promoters, addressing their long-standing demands for relief on overdue payments.

The OTS scheme will apply to industrialists who have faced delays in paying principal amounts and other charges. It will help industrialists who were allotted plots in the last five years to clear their dues. Additionally, the cabinet may discuss further measures to provide relief to businesses.

Under the OTS scheme, industrialists who have outstanding dues for plots allotted before January 1, 2020, can settle their payments at an 8% interest rate, without penalties, provided they pay by December 31, 2025. To assist industrialists, a help desk will also be set up for their convenience.