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The Chamber of Industrial & Commercial Undertakings (CICU) expressed its heartfelt gratitude to the Punjab Government Specially Sh. Bhagwant Maan Singh Ji Maan, Hon’ble Chief Minister, Government of Punjab, Sh. Sanjeev Arora, Member of Parliament, Rajya Sabha, Aam Aadmi Party, Sh. Tarunpreet Singh Sond, Cabinet Minister, Minister In charge, Investment Promotion Government of Punjab. Sh. Hardip Singh Mundian, Cabinet Minister for Revenue Rehabilitation and Disaster Management and key stakeholders for their unwavering support in securing much-needed relief for the industry. Due to continuous representation and diligent efforts, CICU is proud to announce that the Punjab State Industrial Export Corporation (PSIEC) OTS (One-Time Settlement) scheme has been approved by the cabinet.
The approval of this OTS scheme is a momentous step forward for the industry, and it brings significant relief to many businesses. The scheme includes two major points that will have a positive impact on businesses across the region.
For the pending principal amount, no penalty or compounding interest will be charged. Instead, only a flat 8 percent simple interest will apply, easing the burden on industrialists and providing them with a clear path to settle their outstanding dues.The OTS scheme will remain valid until December 31, 2025, providing a window for businesses to take advantage of this significant opportunity.
The approval of this scheme represents a significant step forward in supporting industrial growth and stability in the region, and CICU will continue to work towards securing further benefits for the industry, says Upkar Singh Ahuja President CICU.
This support from CICU has been instrumental in securing these favorable terms for businesses in the region. With this positive development, the industry will undoubtedly appreciate the efforts of CICU and the support received from the government in addressing their financial challenges.
