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Chandigarh, July 8 (PTI) Punjab Small Industries & Export Corporation Limited (PSIEC)has floated a Amnesty Scheme whereby defaulter allottees of industrial plots can pay their dues in two installments, without having to pay the penal interest, Punjab industry minister said today. "These would include installments due on September 30, 2010 and December 12, 2010 along with interest up-to maximum of 15 per cent per annum on yearly compounding basis. Understanding the need of people, government has waived off the component of penal interest, which is otherwise recoverable from the defaulter allottees as per terms of allotment, Punjab Industry Minister Manoranjan Kalia said in a press release. The dues arose as a result of enhancement in land compensation awarded by respective judicial courts. The Minister said that defaulter allottees of industrial plots of different focal points in the state shall now be required to make payment of their dues of additional cost (principal) in two equated quarterly installments. With the introduction of this scheme, the defaulter allottees shall be able to discharge their long pending liability towards enhanced cost and obtain clearances of different nature, which had earlier been withheld due to their default on this count. Industrial plot holders and Focal Point Associations have earlier sought concessions for defaulter allottees enabling them to make payment of their dues of enhanced land cost. Kalia further disclosed that in those cases where part payment had been received along with applicable or penal interest, the amount of part payment shall be adjusted with effect from its receipt date. "Defaulter allottees who do not square up their dues in accordance with the provisions of Amnesty Scheme within the stipulated period, shall have to deposit the additional cost along with interest or penal interest in accordance with respective terms of allotment, he said.
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