Chandigarh, Mar 3 (PTI) The Punjab Cabinet on Monday approved two one-time settlement schemes for industrialists to waive compounding and penal interests so that they can clear their long-pending dues for industrial plots in focal points.

The decision in this regard was taken in the cabinet meeting, chaired by Chief Minister Bhagwant Mann.

Addressing the media after the cabinet meeting here, Industries Minister Tarunpreet Singh Sond said the AAP government was committed towards promotion of the industry.

He said that the cabinet gave approval for bringing two OTS schemes for industrialists.

There are 52 focal points, spread over 8,000 acres of land and having 14,000 industrial plots in the state, he added.

Giving details about the first OTS scheme, the minister said the plot holders, who did not pay their land enhancement charges, would not need to pay penal and compounding interests on their dues.

They can now pay a simple interest at the rate of 8 per cent to clear their dues under the OTS, said the minister, adding that the compounding and penal interests would be waived.

About the second OTS scheme, he said those industrialists, who were allotted industrial plots but could not pay their principal amount because of any reason, can now pay their charges with 8 per cent simple interest.

They don't need to pay compounding and penal interests, he added.

The minister said these two one-time settlement schemes will continue till December 31, 2025, urging industrialists to avail the benefits of this scheme.

Rajya Sabha MP Sanjeev Arora, who was also present, thanked AAP national convener Arvind Kejriwal and Punjab Chief Minister Bhagwant Mann for bringing two OTS schemes for industrialists.

He said that it was the major demand of industrialists and said it will benefit small and medium enterprises the most. PTI CHS BAL BAL

One-time settlement schemes allow industrial plot holders to pay simple interest while waiving penal and compounding interest. The cabinet approved two one-time settlement schemes permitting industrial plot holders to clear long-pending dues by paying simple interest at the announced rate while compounding and penal interests are waived; one scheme covers unpaid land enhancement charges and the other covers unpaid principal allotment amounts for industrial plots, with both schemes available until the stated closing date.