Aimed at reviving the existing industry in the State, Punjab Cabinet on Monday gave its nod to launch One Time Settlement (OTS) Policy, 2015, for settlement of dues of Punjab State Industries Development Corporation (PSIDC), Punjab Financial Corporation (PFC), Punjab Agro Industries Corporation (PAIC) and its subsidiary corporations and companies.
Those who opted for previous 2009 policy and became defaulters would also be eligible under the new OTS.
Under the policy, in equity investment cases, OTS settlement shall be at “amount invested plus simple interest at the rate of 10 per cent plus expenses less already paid”.
In loan cases, OTS amount shall be calculated based on outstanding (principal plus interest) amount to be frozen as on date of default plus 10 per cent simple interest (on frozen amount) up to date of option plus expenses less already paid.
In loss assets cases, OTS settlement shall be at outstanding principal amount plus expenses only, said the official spokesperson.
Under this policy, besides hundreds of those small scale industrial units, around 70 large and medium scale industrial projects of PSIDC, and around 15 industrial projects of PAIC are likely to be revived and PFC, PSIDC and PAIC were expected to recover to the tune of `50 crore, `200 crore and `25 crore, respectively.
Apart from this, all the particulars or details of such units not opting for OTS under the policy shall be intimated to RBI for notifying them as defaulters and would not be eligible for further funding by any bank or financial institutions, he said.
GREEN SIGNAl TO INTRODUCE BRTS IN AMRITSAR
Cabinet also gave green signal to introduce “Bus Rapid Transit Service (BRTS)” within the limits of Amritsar Municipal Corporation for the convenience of general public and reduce unnecessary congestion of motor vehicles and vehicles pollution. BRTS would be operated on a different track and route which would be closed corridor, on which only BRTS would be operated, said a spokesperson, adding that Punjab State Transport Commissioner would grant the stage carriage permits for this BRTS. In the first phase, BRTS would be started on India Gate-Daburji bye pass, India Gate-Verka Canal and Daburji bye pass to Verka Canal route. As many as 93 buses would ply on these new sanctioned routes for this purpose, he added.
TOXICOlOGY DIVISION-II IN MOHAlI FORENSIC lAB
To overcome the pendency of testing NDPS samples in Punjab, the Cabinet gave its approval to establish Toxicology Division-II in Mohali Forensic Science laboratory besides sanctioning 15 posts to further strengthen it.
ClEARS CHANGES IN PAROlE RUlES FOR PRISONERS
To streamline the process of granting parole to prisoners in the jails across the State, the Cabinet also gave nod for amending Punjab Good Conduct Prisoners (Temporary Release) Act, 1962. Apart from bringing uniformity in the cases of prisoners, the move would also improve the facility of parole granted to prisoners on different occasions.
APPROVES AMENDMENT IN PUNJAB STATE COMMISSION FOR NRIs ACT
Cabinet also approved amending the Punjab State Commission for NRIs Act, 2011, which stipulates that NRIs who have acquired foreign citizenship, but were Indians belonging to Punjab could be appointed as honorary member of Punjab State Commission for NRIs as per the 2011 Act.
APPROVES ORDINANCE FOR DISRUPTION-FREE ACADEMIC SESSION
To ensure disruption-free academic session in state’s schools, the Cabinet gave nod to enact ‘Punjab School Teachers Service Extension Ordinance, 2015’ stipulating that all teachers, who would otherwise have retired from service on completing 58 years of their age on any day falling between first of April of a year and the last day of month of February the succeeding year, would, except in the case of their otherwise voluntary option, continue in service. They would also be deemed to be on extension in service after the date of superannuation up to the 31 day of the following month of March.