Sunday, June 26, 2022

Timeline migration of Punjab industrial units from FIIP to IBDP extended till Dec 31

Keeping in view the severe pandemic stress being faced by industry, the state government has decided to further extend the timeline for units to migrate from Fiscal Incentives for Industrial Promotion (Revised) – 2013 to Industrial and Business Development Policy, 2017.  from FIIP (R)-2013 to IBDP-2017 till December 31, 2020.

Disclosing this, Industries Minister Sunder Sham Arora said that units can avail of this last time extension as per prescribed procedure under Detailed Schemes & Operational Guidelines, 2018. A notification to this effect has been issued on 10.09.2020 and eligible investors may file their application online at www.pbindustries.gov.in.

Shri Sunder Sham Arora further informed that in view of 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 & Business Development Board constituted under the chairmanship of Chief Minister, Punjab 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 02.12.2019 to 01.02.2020.

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Earlier too, when the Government of Punjab had 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, 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 06.11.2018, hence the time was extended by 90 days w.e.f. 06.11.2018.

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