One Time Settlement scheme for defaulters to be introduced in PSIDC, PFC, PAIC: Punjab CM

Ludhiana (Punjab) [India], October 27 : Punjab Chief Minister Charanjit Singh Channi on Wednesday announced the One Time Settlement (OTS) scheme for the defaulters to be introduced in Punjab State Industrial Development Corporation (PSIDC), Punjab Financial Corporation (PFC) and Punjab Agro Industries Corporation (PAIC).
Likewise, CM Channi also said that an amnesty scheme will also be introduced for the plot holders of Punjab State Industries Export Corporation (PSIEC).
CM Channi announced to scrap 40,000 pending cases of VAT, out of total 48,000 cases related to Financial Year 2014-15, 2015-16 and 2016-17 against traders and industrialists across the state.
Addressing a galaxy of industrialists, traders, and prospective entrepreneurs on the second day of the 4th Progressive Punjab Investors Summit on the theme of 'A story of Partnership, Delivery & Growth: Investors Reassured' here, CM Channi said that only 8000 remaining cases will be settled amicably by asking the concerned traders/ industrialists to deposit just 30 per cent of the total outstanding tax liability thus saving them from a lot of inconveniences caused to them on this count. By giving further relief to them, he announced that they will only have to deposit 20 per cent of the aforesaid tax liability during the current fiscal and the balance of 80 per cent by the next, said Punjab Chief Minister's Office in a statement.
CM Channi categorically said that this industrial-friendly initiative will go a long way in boosting their morale to invest in a big way adding he said that the state government will act as a facilitator to promote the industry at new heights of glory.
Assuring the best air connectivity to boost economic activity in the region, CM Channi also announced to lay the foundation stone of the upcoming Green Field airport at Halwara (Ludhiana) on November 15 and said that the prestigious airport will be completed within a period of eight months.
Reiterating his government's firm commitment to creating a conducive ecosystem for ease of doing business in the state, CM Channi assured the trade and industry of fulsome support to emerge Punjab as the front runner state not within the country but across the globe.
Listing the major initiatives to repose confidence amongst the industrialists and traders to give further impetus to industrial growth, CM Channi further said that the Punjab government has already okayed several pro-investor initiatives and concessions to boost trade and industry in the state in a specially convened Cabinet here today at the industrial capital of the state.
He said that the state government has allowed faceless assessment of GST and VAT due to which now the traders and industrialists need not present themselves physically before the taxation officers anymore. CM Channi further said that the mobile squad earlier comprising of 14 persons has also been reduced to only four in the Taxation department adding that Institutional Tax in vogue since 2011 also stands abolished for promotion of trade and industry in the state.
CM Channi further said that fixed charges on electricity connections for Medium Scale Industries have been slashed to 50 per cent. He said that Rs.150 crore will be spent on the up-gradation of the infrastructure in the Industrial Focal Points. In another investor-friendly initiative, CM Channi also announced to relax the condition of reducing the passages to the industry from the current 6 to 4 Karam to encourage industrialists to set up their units in a hassle-free manner. He also announced that the state government will soon simplify the procedure for Change of Land Use to facilitate the entrepreneurs and industrials for setting up their ventures seamlessly.
CM Channi further said that to boost economic activity in the borders district of the state the Punjab government will acquire requisite land for the Patti-Makhu rail link and hand it over to the Ministry of Railways, GoI before the ensuing budget. He also said that to encourage trade from across the border an Exhibition Centre will be set up at Amritsar. CM Channi also said that to give a major fillip to the entertainment industry in the region the Punjab government will set up a Film City near Chandigarh to promote Punjabi art, culture and music.
In his address, Industries Minister Gurkirat Singh Kohli welcomed all the dignitaries. He said that due to the visionary leadership of CM Channi industrial growth has got a major fillip in the state. He said that Punjab has today emerged as a hub of industrial activity due to concerted efforts of the state government.
The Minister envisioned that Ludhiana will further emerge as a hub of industrial activity. He said that ease of doing Bussiness and invest Punjab has got major thumbs up by the investors. Mr Kotli said that the Congress government is committed to the overall growth and prosperity of the state.
On the occasion, the Chief Minister also digitally inaugurated offices of the District Bureau of Invest Punjab across the state. He also released a compendium of reforms highlighting the path-breaking initiatives taken by invest Punjab to boost holistic growth of trade and industry.