New OTS Scheme to Benefit 1,145 industrialists in Punjab

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The North News

Chandigarh, March 3

The Punjab Cabinet, led by Chief Minister Bhagwant Singh Mann, on Monday approved a historic One-Time Settlement (OTS) scheme to resolve over four decades of pending cases, offering long-awaited relief to industrialists in the state. The decision was made during a Council of Ministers meeting at the Chief Minister’s official residence. The scheme aims to address industrial disputes related to enhanced land costs and delayed principal payments, ensuring fair and transparent grievance resolution.

Around 1,145 industrialists across Punjab are expected to benefit from the scheme, enabling them to clear dues, reinvest in businesses, and drive economic growth and job creation. These industrialists employ thousands, and the financial relief could stabilize businesses, prevent closures, and create new employment opportunities.

The OTS scheme applies to defaulter plot holders whose original allotment was issued on or before January 1, 2020. It covers industrial plots, sheds, and residential plots in Industrial Focal Points developed by the Punjab State Industries Export Corporation (PSIEC). The scheme offers a significant financial reprieve, allowing defaulters to clear dues with a nominal 8% simple interest and a 100% waiver of penal interest.

Even plot holders whose allotments were previously cancelled will have a chance to reclaim them by paying their dues, giving businesses a second chance to thrive. Revenue generated through this initiative will be reinvested into industrial infrastructure, including improving focal points and developing new industrial parks.

A virtual help desk will be established by PSIEC to assist industry promoters, ensuring a smooth and hassle-free application process. The scheme will remain open until December 31, 2025, providing ample time for defaulters to participate.

Additional Cabinet Decisions:

• The Cabinet approved a policy allowing the surrender of layout plans for industrial park projects, contingent on the payment of outstanding statutory charges.
• The Council also consented to amend the Punjab State Public Service Commission (PPSC) Regulation Act to streamline the appointment process for the chairman and commission members.