The North News
Chandigarh, March 11
Punjab’s Industries and Investment Promotion Minister, Tarunpreet Singh Sond, has announced that the deadline for the One-Time Settlement Scheme (OTS) for Industrialists has been extended till December 31, 2025. The move is aimed at giving defaulters more time to clear outstanding dues and providing relief to industrialists in the state.
Minister Sond further said that the scheme would help resolve disputes over enhanced land costs and delayed principal payments. “Under this scheme, defaulters will be allowed to clear their dues with a simple interest rate of 8%, while penal interest will be fully waived,” he stated.
The scheme applies to defaulter plot holders whose original allotments were issued on or before January 1, 2020. Around 1,145 industrialists across Punjab are expected to benefit, enabling them to settle their dues and reinvest in their businesses. Notices will be sent out by April 30, 2025, giving recipients until the end of the year to make payments.
The OTS scheme covers industrial plots, sheds, commercial plots, and residential plots in Industrial Focal Points developed by the Punjab State Industries Export Corporation (PSIEC). It also extends relief to plot holders whose allotments were cancelled but have not yet been repossessed or reallocated by PSIEC, giving them a chance to restart their businesses by settling their dues.
According to Minister Sond, the initiative will help businesses reduce financial burdens and legal disputes, fostering expansion and modernization. The revenue generated will be reinvested in industrial infrastructure, including the development of focal points and new industrial parks. Special help desks will be set up by PSIEC to assist applicants in availing themselves of the scheme, ensuring a smooth and hassle-free process, he added.
