Ahead of the Investors Summit, Punjab Cabinet on Saturday approved the establishment of the Punjab Bureau of Investment Promotion (PBIP) to carry forward the new investment policy of 2013 expeditiously in a time-bound manner.
The decision was taken at a meeting of the Cabinet chaired by Chief Minister Parkash Singh Badal here. A spokesperson of the Chief Minister’s Office said that the bureau would have a Board of Governors (BoGs), an executive committee and a chief executive officer to discharge its functions.
The BoGs of the PBIP as its apex governing body would be chaired by the Chief Minister while the Deputy Chief Minister/Minister in-charge Investment Promotion department would be its co-chairman besides Industries Minister as its vice-chairman.
The other members of the Bureau would include six Cabinet Ministers, Chief Secretary and other concerned Secretaries besides the Chief Executive Officer as its member-secretary. These apart, three technical experts and five representatives of trade, industry and commerce would be nominated by the State Government.
The BoGs being an apex body for all matter relating to the Bureau would be responsible for approving its regulations and procedures and allocating such functions to the Executive Committee and the Chief Executive Officer which were not otherwise specified.
The Executive Committee comprising important administrative secretaries would be chaired by the Chief Secretary. This committee would regularly monitor, supervise and review the functioning of the Bureau. It would also be responsible for organising campaigns, events, conferences and meetings for promoting Punjab as an investment destination, both in India and overseas.
GO ahead to Excise dept for VDS Scheme
To provide opportunity to those dealers who have defaulted in paying VAT, bona fide or otherwise while submitting their returns and paying tax but were apprehensive about the stringent penal provisions and undue harassment, the Cabinet gave a go ahead to Excise & Taxation Department’s Voluntary Disclosure Scheme. This scheme open until December 31, 2013 would offer an opportunity to dealers to rectify their mistakes and cover those taxable persons who have claimed the Input Tax Credit, but the tax has not actually been paid into the State treasury on the goods so purchased.
Contribution of ex-pm ik Gujral recognised
In recognition of enormous contribution made by former Prime Minister Inder Kumar Gujral towards the overall development and prosperity of Punjab, the Cabinet gave its nod to rename Punjab Technical University Jalandhar as IK Gujral, Punjab Technical University as a befitting tribute to the nationally and internationally acclaimed personality.
Vat slashed as Relief to newspaper proprietors
Giving relief to owners of newspapers, the Cabinet also gave approval to reduce VAT from 5.50 per cent plus 10 per cent surcharge to 2.0 per cent plus 10 per cent surcharge on newsprint. This decision would facilitate local newspaper owners to purchase newsprint from Punjab rather than purchase it from outside the State. It would also attract paper industry in the State, besides enhancing the revenue of the State.
402 acres allotted for IT-enabled services
The Cabinet also gave green signal to the new policy for allotment of 402 acres for IT services, ITES, biotechnology (non-polluting) and tech-based non-polluting/research & Development facilities in Knowledge Park, SAS Nagar- 2013. The policy is aimed at developing the IT industry hub for the welfare of public, general employment and overall development of the State. Greater Mohali Area Development Authority (GMADA) had already acquired 1,686 acre land in Sectors 82A, 83A and 101A, of which 402 acres would be utilised for IT and IT-enabled industry.
Cabinet Approval to Gau Sewa Commission
The Cabinet gave approval to set up the Punjab Gau Sewa Commission for ensuring the protection accorded to cattle under any law for the time being in force, including seizure and custody of livestock being carried for slaughter or likely to be slaughtered in contravention of any law in force and to initiate criminal action against accused person. It will also promote healthcare of cattle to inspect and supervise institution, to suggest any measure which may be helpful in strengthening of institution, which are economically weak.
Juvenile justice care okayed by cabinet
The Cabinet approved the Juvenile Justice Care and Protection of Children Rules 2013 formulated by the State Social Security Development of Women & Children Department to take care of the overall development of children residing in children’s homes, observation centres, juvenile homes, State after-care homes, special homes, facilities for mentally challenged children in the State.