Chandigarh, March 3 – Punjab Chief Minister Bhagwant Singh Mann’s cabinet has approved a One-Time Settlement (OTS) scheme to resolve long-pending industrial disputes, providing relief to 1,145 industrialists across the state.
The scheme, aimed at settling cases related to enhanced land costs and delayed payments, will remain open until December 31, 2025.
The OTS scheme applies to defaulter plot holders whose original allotments were 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). Industrialists can clear their dues with a nominal 8% simple interest rate and benefit from a 100% waiver of penal interest.
Those whose allotments were canceled can also reclaim their plots by settling their dues.
Officials stated that the scheme will boost economic growth, prevent business closures, and create jobs by easing financial burdens on industrialists.
The revenue generated will be reinvested in industrial infrastructure, including upgrading focal points and developing new industrial parks. A special virtual help desk will be set up by PSIEC to facilitate applicants.
Cabinet Clears Industrial Park Surrender Policy, Amends PPSC Rules
In another decision, the Cabinet approved a policy allowing the surrender of industrial park layout plans, provided promoters clear outstanding statutory charges.
Besides, amendments were made to the Punjab State Public Service Commission (Condition of Service) Regulation Act, modifying Clause 5(1) to streamline the appointment process for the chairman and members of the commission.
