ECONOMY
Industry department accords one-time special opportunity to industrial units to migrate to new policy
- Team PT
Industry department accords one-time special opportunity to industrial units to migrate to new policy



The Punjab Industrial & Business Development Board has accorded one-time special opportunity of making application to such industrial 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 the date of approval by the Board as per the prescribed procedure under the Detailed Scheme and Operational Guidelines 2018.

Disclosing this Sunder Sham Arora, Industry and Commerce Minister informed that representations have been 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. He said that the Government of Punjab had already notified Industrial and Business Development Policy, 2017 on 17-10-2017 wherein the provision was made for the units migrating from Fiscal Incentives for Industrial Promotion (Revised) – 2013 to Industrial and Business Development Policy, 2017. They were given time of 90 days to exercise their option for migration. Since the Invest Punjab Business First Portal was launched on 06.11.2018, hence the time was extended by 90 days w.e.f. 06.11.2018.

The Minister said that to accord one-time special opportunity, the matter was now discussed in the 3rd Meeting of Punjab Industrial & Business Development Board which was held under the chairmanship of The Chief Minister, Punjab on December 2, 2019 at Punjab Bhawan, Chandigarh.

Accordingly, the notification has been issued on 13.12.2019 and eligible investors desirous of Migration may file their application online at www.pbindustries.gov.in within 60 days from the date of approval by Punjab Industrial & Business Development Board i.e. 02.12.2019.
 

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