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FOIJ requests to provide financial relief to industrial sector during covid-19 5/20/2021 11:51:49 PM Early Times Report Jammu, May 20: Federation of Industries Jammu has drawn attention of Manoj Sinha Lt. Governor towards the acute financial crisis being faced by the Industrial units of J&K UT due to current COVID-19 situation in J&K. Lalit Mahajan, Chairman FOIJ, while conveying regards to Lt. Governor, Arun Kumar Mehta Financial commissioner, Finance Department and R K Chhibber, Chairman, J&K Bank for the timely release of 3rd Installment of 5% Interest Subvention to Industrial Sector of J&K which it termed as an instant relief during the current COVID-19 situation. We draw the attention of Lt. Governor towards the MSME sector as well as Large scale Units of J&K UT facing acute financial crunch due to current situation of COVID-19 in the state due to sharp decline in production and sale of their products within the State of Jammu & Kashmir as well as in the adjoining states due to Lockdown imposed in whole of the country, said Lalit Mahajan. It further drew attention of Lt. Governor that the sale of 90% of the Industrial Units of J&K UT depends on the market of Jammu & Kashmir but due to stoppage of supplies the stocks are piling up in their unit resulting blockage of Working Capital. It is pertinent to mention here that the Industrial Units are working in our State at Breakeven Point in the current situation to avoid the migration of Industrial Workers by providing all sort of facilities to them resulting the migration is almost zero during the current period of COVID-19. FOIJ requested for 5% Interest Subvention up to 31-3-2022 for working Capital as well as Term Loan, deferment of Term Loan Installments by the Banks up to 31-3-2024, reduction of Working Capital Margin from 25% at present to 10% till 31-3-2022, waive off Fixed Demand Charges by Power Development Department up to 31-3-2022, extension of Power Amnesty Scheme up to 31-3-2022and Release of Funds to State Tax Department for the Reimbursement of Industrial Units claims pending with the Department amounting to Approx. Rs.100 Crores upto 31-3-2021 in respect of SGST/CGST and 2% Budgetary support.   Share This News with Your Friends on Social Network     Comment on this Story

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