Considering the demand raised by Focal Point Associations of different focal points and PHD Chamber of Commerce, the Punjab government has announced an ‘Amnesty Scheme’ enabling the defaulter allottees of industrial plots of different focal points to make payment of enhanced land cost only with simple interest of 15 per cent.
The Amnesty Scheme would provide relief to around 1,500 allottees of industrial plots of different Focal Points.
Tikshan Sud, local government and industries minister, stated that under this scheme, the defaulter allottees have been given an opportunity to discharge the liability of enhanced land cost of their plots by making payment of principal amount along with interest as per terms of allotment subject to a maximum of 15 per cent per annum (without compounding and penal) in twoequated installments falling due on November 15, 2011 and February 15, 2012.
Sud further said, in normal course these defaulters become liable to make payment of their dues with 18 per cent normal and 6 per cent penal interest on compounding basis.
The Amnesty Scheme has been made applicable to the defaulter allottees of industrial plots of different focal points.
The scheme also provides special provision for the allottees willing to make payment and square up their account before February 15, 2012.
In those cases, where defaulter allottees make payment before February 15, 2012, the interest rate as per scheme mentioned above shall be charged only up to the date of clearance of default.
