Panaji, Nov 16 (KNN) The Goa Industrial Development Corporation (GIDC) has decided to extend the validity of the Covid-19 amnesty scheme till November 30.

GIDC has taken this decision to accommodate industrial units that want to settle their unpaid dues.

GIDC managing director Pravimal Abhishek said the corporation has managed to recover half of the Rs 36 crore that was due to it.  He said this would be the last extension for the one-time settlement scheme for industries affected by the Covid-19 pandemic.

“Some industries had cash liquidity problems and they asked for one last chance, which we have now given them,” he added.

The scheme was introduced in June to offers a reduced penalty for industries that have failed to pay premiums, interest on premiums, and lease rent.

According to GIDC officials, 1,164 industrial units owed Rs 47 crore to GIDC, of which the corporation decided to write off Rs 9 crore of penal interest income.

Records show that 605 industrial units have ceased to function over the last five years and have defaulted on their annual premium payments and lease rents. These units cumulatively occupy around 18 lakh sqm of industrial land across Goa, reported TOI.

With the aim to incentivise defaulters to repay their dues, GIDC reduced the interest rate from 11 per cent to 5 per cent and offered the option to repay the dues in eight instalments, which most of the entrepreneurs have opted for.

(KNN Bureau)