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Relief to industrial & commercial institutions facing lock down crisis.

UP government given 3 months interest rebate.

Yogi Adityanath’s government in Uttar Pradesh has decided to give big relief to industrial and commercial institutions during the lockdown. The government has decided to provide interest rebate on all types of dues from 22 March 2020 to 30 June 2020 to all major institutions. This rebate will be available to those units who have to pay their dues by 30 June. In this regard, Uttar Pradesh Industrial Development Minister Satish Mahana issued a press note stating that the lockdown had to be implemented in the country due to the corona virus epidemic.

The lockdown has affected, industrial, commercial and institutional units located throughout the country and the state. Their temporary closure has resulted in a huge reduction in economic activity.

In view of the financial crisis faced by these units and the pace of economic activity in Uttar Pradesh, the state government has given permission to resume operations by some industrial units on the one hand. On the other hand, the government has decided to give a rebate on the outstanding interest. The UP government will give a three-month exemption in interest on dues of all industrial and commercial institutions from March to June.

Meanwhile, Principal Secretary of Infrastructure and Industrial Development, Alok Kumar, has updated that, integrated industrial township, Greater Noida at Noida, Greater Noida, Yamuna Expressway, UP State Industrial Development (UPSIDA), Gorakhpur Industrial Development Authority (GIDA), Sathariya Industrial Development Authority and Delhi-Mumbai Industrial Corridor. Ltd. have been issued circulars.

It directs that if all types of dues of Industrial Development Authorities from 22 March to 30 June 2020 are deposited by 30 June, then the applicable interest will not be charged on late payment on that amount. As per the instructions, to avail the exemption, the concerned entity will have to request the Industrial Development Authority either online or via email.

GR Newsdesk
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