CHANDIGARH: Industries and Investment Promotion Minister Tarunpreet Singh Sond has thanked Chief Minister Bhagwant Singh Mann for introducing the One-Time Settlement Scheme (OTS) to resolve old pending cases, to provide long-awaited relief to industrialists of Punjab.
Sond said that OTS scheme will facilitate the industrialists to settle industrial disputes related to enhanced land costs and delayed principal payments thereby ensuring that long-standing grievances of industrialists are resolved in a fair and transparent manner. He said that, as per the scheme, the government will provide a significant financial relief measure by allowing defaulters to clear dues with a nominal simple interest rate of 8%, along with a 100% waiver of penal interest. “The last date to avail of this scheme is December 31, 2025, providing ample time for defaulters to come forward and clear their outstanding dues”, he added.
Industry minister further said that the revenue collected through this scheme will be reinvested into industrial infrastructure, including improving focal points and developing new industrial parks, boosting Punjab's industrial landscape. He said that a special help desks will be set up by PSIEC to assist industry promoters in availing of the scheme, ensuring a smooth and hassle-free process for applicants.