PANJIM: The Goa Industrial Development Corporation (IDC) on Friday announced the implementation of a special ‘COVID-19 Amnesty Scheme’ in a bid to revive over 600 non-functional industrial units which were impacted by the pandemic and other challenges. The Corporation has also decided to take back industrial plots where the owners fail to take the benefit of the scheme, which will come into force from June 24 for a period of one month.
Addressing media persons, IDC Chairman Alexio Reginaldo Lourenco said that the decision was taken during the recent board meeting to support the revival and growth of non-functional units by addressing their pending dues and encouraging them to restart operations.
Lourenco said that under the scheme, the penal interest imposed on industries that have failed to pay premiums, interest on premiums, and lease rent will be significantly reduced to 5 per cent.
He said that there are nearly 605 such non-functional units spread across 18 lakh sqmtrs of land.
Lourenco said that the scheme has been designed as a strategic measure to facilitate the restart of non-functional units by resolving their pending financial obligations.
“Once dues are cleared, industrial units will have the option to continue their original activities, embark on new industrial ventures, or transfer ownership to prospective entrepreneurs. This multi-faceted approach is expected to generate employment opportunities and stimulate economic activity in the region,” he explained.
“We have given them all benefits including reduction in interest on the lease rent and premium. Still, if the units are not taking the benefit and making efforts to revive their operations then we would be forced to take back the land and put it up for auction,” Lourenco said.
Industrial units have the flexibility to clear their dues either in a single payment or through monthly instalments by providing post-dated cheques payable to the Corporation. The maximum number of instalments allowed is 8, enabling timely recovery of all outstanding dues before the end of the current financial year.
The Corporation further said that failure to take advantage of the scheme within the stipulated 30-day period will result in the imposition of regular penal interest.
It is important to note that Goa-IDC will not introduce any further amnesty schemes and appeals to all industries to settle their outstanding payments, Lourenco said.
In other significant decisions made during the board meeting, Goa-IDC has decided to maintain plot rates for industrial estates unchanged for the current financial year.
