STOCK MARKET BSE NSE

COVID-19: UP government exempts businesses from paying interest on dues for three months

Announcing the decision, UP Industrial Development Minister Satish Mahana said the industrial and commercial units were under distress during the lockdown as all their activities had come to a halt.

Published: 22nd April 2020 02:44 PM  |   Last Updated: 22nd April 2020 02:44 PM   |  A+A-

industry

For representational purposes (File Photo | EPS)

Express News Service

LUCKNOW: In view of the losses suffered by industrial and commercial establishments due to the outbreak of Covid-19 and subsequent lockdown, the Uttar Pradesh government has announced an exemption on the interest on the amount payable by them under all heads from March 22 to June 30.

Announcing the decision, UP Industrial Development Minister Satish Mahana said the industrial and commercial units were under distress during the lockdown as all their activities had come to a halt.
 
“In the wake of the financial crisis faced by these units and to restart economic activity in UP, the state government has allowed resumption of operations by certain industrial units. The state government has also decided to allow exemption on interest on dues of industrial and commercial institutions of the state for three months,” said Mahana in a statement.

The minister expressed hope that with the relaxation, the industrial establishments would get some respite and would be able to resume their operation in consonance with the Standard Operation Procedures (SOP) decided by the Union government and the norms fixed by the state government.

Principal Secretary, Infrastructural and Industrial Development, Alok Kumar, issued a circular to state industrial hub Noida, Greater Noida, Yamuna Expressway, UP State Industrial Development Authority (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 had to be paid by industrial and commercial units during the period.

The exemption would be available to units which pay their dues by June 30, 2020. As per the directives issued, the concerned entity is required to make a request to the industrial development authority either online or through email to avail the exemption benefits.

The payment of lease rent and water charges for the period up to June 30, 2020 was already postponed by the three authorities -- Noida, Greater Noida and Yamuna Expressway Industrial Development Authority -- in the National Capital Region.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp