One-Time Settlement Scheme for Industrialists: 100% Waiver on Penalty Interest for Defaulters Until December 25 – Tarunpreet Sond
- Industries & Commerce Minister Thanks CM Bhagwant Singh Mann for Implementing the Scheme
- Notices to Be Issued by April 30, 2025
- Special Help Desks to Be Set Up by PSIEC for Convenience of Applicants
Chandigarh, March 11:
In a major relief for Punjab’s industrialists, the Punjab Cabinet has approved the One-Time Settlement (OTS) Scheme to resolve long-pending cases. Industries & Commerce Minister Tarunpreet Singh Sond expressed gratitude to Chief Minister Bhagwant Singh Mann for introducing this scheme, which was approved during the recent Cabinet meeting.
Highlighting its significance, Sond said that this historic scheme will bring an end to the prolonged wait of industrialists and resolve cases that have been pending for over four decades. Under this scheme, the state government will provide a 100% waiver on penalty interest for defaulters and allow them to clear dues with a nominal simple interest rate of 8%. The final deadline for availing this scheme is December 31, 2025, ensuring defaulters have sufficient time to make their payments.
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The Industries Minister clarified that the scheme is applicable to all defaulter plot holders whose original allotment was made on or before January 1, 2020. Nearly 1,145 industrialists across Punjab are expected to benefit from this scheme, allowing them to clear outstanding dues and reinvest in their businesses. Notices will be issued by April 30, 2025, and payments must be completed by December 31, 2025.
Sond also stated that the OTS scheme will cover industrial plots, sheds, commercial plots, and residential plots developed by the Punjab State Industrial Export Corporation (PSIEC) in various focal points across the state. Additionally, plot holders whose allotments were canceled but have not been reallotted will have an opportunity to pay their outstanding dues and restart their businesses. This initiative will help industries overcome financial burdens and legal obstacles, enabling them to expand and modernize their operations.
Under this scheme, the revenue collected will be reinvested in industrial infrastructure, improving focal points and developing new industrial parks to boost Punjab’s industrial growth. To facilitate applicants and streamline the process, special help desks will be set up by PSIEC to assist industrialists in availing the benefits of the scheme.
