Jammu, 21 Dec (KNN) Federation of  Industries Jammu, Lalit Mahajan Co-Chairman FOIJ and President, Bari Brahmana Industries Association conveyed heartiest thanks to government officials for the approval of regulations framed by the board of revenue for conversion of agricultural land in Jammu and Kashmir for non-agricultural purposes. These regulations were necessitated after the legislative changes in the land revenue act post-reorganization of the erstwhile state.

Lalit Mahajan, Co-Chairman FOIJ, welcomed the decision of Jammu and Kashmir Administration for conversion of agricultural land for non-agricultural land for setting up New Industrial Estates for Prospective Entrepreneurs which will help for the massive Investment in the Industrial Sector of Union Territory of Jammu & Kashmir which will also go a long way to generate Direct & Indirect Employment opportunities for Local Peoples and Contribute to the local Economy.

It is relevant to mention that with the issuance of necessary Notification by the Revenue Department, the prospective Investors will purchase the Private Land for the setting up their units in time bound manner said co chairman FOIJ.

While going through the news published in the Local News Papers, it has been noticed that the powers have been delegated to the District Collector to grant permission for land up to 12.5 standard acres against a fee of 5 per cent of the market value of the land notified under the Stamps Act. In this regard, we requested that the ceiling of 12.5 standard acres shall be exempted for the Big Industrial Houses who are in the process of setting up their units with the requirement of Land more than 12.5 acres he added.

We also draw the kind attention of Lt. Governor Manoj Sinha that as per the earlier notification No. SO 241 dt. 16-07-2021 by Finance Department by the virtue of which Stamp Duty has been exempted by for the Industrial Sector for setting up of Industries in Government Industrial Estate issued by Govt. for the exemption of Stamp Duty whereas a fee of 5 per cent of the market value of the land notified under the Stamps Act applicable for the transfer of Agriculture Land for Non Agriculture use.

We request Governor Sh. Manoj Sinha and Sh. Ranjan Prakash Thakur, Principal Secretary Industry & Commerce, Union Territory of J&K for the applicability of SO 241 dt. 16-07-2021 also for the exemption of Stamp Duty for the Transfer of Agriculture Land for Industrial purpose said Lalit Mahajan, Co-Chairman FOIJ.