UP: Major Relief To Industrial, Commercial Institutions As Yogi Govt Waives Off Interest On Their Dues For 3 Months

The Yogi Adityanath government in Uttar Pradesh has decided to give major relief to all industrial and commercial institutions during the ongoing lockdown, by waiving off interest on the amount payable by these establishments under all heads from 22 March to 30 June.

Uttar Pradesh Minister for Industrial Development Satish Mahana said that the lockdown implemented for the prevention of coronavirus epidemic had resulted in the temporary closure of industrial, commercial and institutional units located all over the country and the state.

"This has resulted in a drastic slowing down of economic activities. In view of the financial crisis faced by these units and to trigger the economic activity in Uttar Pradesh, the state government, on one hand, has allowed restarting of operations by certain industrial units and on the other, the government has taken the decision to allow exemptions in interest on dues of industrial and commercial institutions of the state for three months," he told IANS.

The minister hoped that the said exemption would provide some relief to the industries and enterprises of the state during the current crisis and they would be able to resume operations of their units by following the guidelines issued by the Central and state governments.

Meanwhile, Principal Secretary, Infrastructure and Industrial Development, Alok Kumar, has issued a circular to Noida, Greater Noida, Yamuna Expressway, UP State Industrial Development (UPSIDA), Gorakhpur Industrial Development Authority, Satharia Industrial Development Authority and the Integrated Industrial Township Greater Noida Ltd. (IITGNL) on the Delhi-Mumbai Industrial Corridor (DMIC) to exempt interest on late payment of all types of dues that are to be paid by the industrial, commercial and institutional units during the period from 22 March to 30 June. This exemption will be available to the units that pay their dues by June 30.

According to the directives, in order to avail the exemption, the concerned entity has to make a request to the Industrial Development Authority, either online or through email.

It may be noted that the payment of lease rent and water charges for the period up to 30 June 2020 have been already postponed by the three authorities of the National Capital Region, namely, Noida, Greater Noida and Yamuna Expressway Industrial Development Authority.

(This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.)