Keeping in view the severe pandemic stress being faced by the state’s industrial sector, Punjab Government has decided to further extend the timeline for units to migrate from 2013’s Fiscal Incentives for Industrial Promotion (Revised) policy to 2017’s Industrial and Business Development Policy till December 31, 2020.“Units can avail of this last time extension as per prescribed procedure under Detailed Schemes and Operational Guidelines, 2018,” said the state Industries Minister Sunder Sham Arora on Thursday adding that a notification to this effect has been issued on September 10, 2020, and eligible investors may file their application online at www.pbindustries.gov.in.
Arora said that the decision was taken considering the representations received from the industry that they were new to the online system of fiscal incentives developed on the Invest Punjab Business First Portal and they could not file their online application for migration from Fiscal Incentives for Industrial Promotion (Revised) – 2013 to Industrial and Business Development Policy, 2017.“The Punjab Industrial and Business Development Board, constituted under the Chief Minister, had accorded one-time special opportunity of making application by other units desirous and eligible for migration from Fiscal Incentives for Industrial Promotion (Revised)–2013 to Industrial and Business Development Policy, 2017, within 60 days from December 2, 2019, to February 1, 2020,” said the Minister. He pointed that earlier too, when Punjab Government had notified Industrial and Business Development Policy, 2017, on October 17, 2017, wherein the provision was made for the units migrating from Fiscal Incentives for Industrial Promotion (Revised)-2013 to Industrial and Business Development Policy- 2017, these units were given time of 90 days to exercise their option for migration, the Minister added.
Since the Invest Punjab Business First Portal was launched on November 6, 2018, hence the time was extended by 90 days, with effect from November 6, 2018.