New scheme for cutting NPA, bad debts in Pondy

Puducherry, Apr 17 (UNI) The administration proposed to introduce a new compromise settlement scheme to reduce non-performing assets and bad debts calculated by the Puducherry Industrial Development and Investment Corporation(PIPDIC) till March 31 last year and enhance collection dues, Industries Minister V Vaithilingam told the Assembly today.

Making a suo-motu statement in the House during Zero Hour, Mr Vaithilingam said under the scheme a non-performing industry whose interest amount remitted till March 31, 2007 was higher than the principal, will get a tax waiver of 90 per cent if it comes forward to remit the principal amount in single payment.

In the case of an industry remitting 50 per cent or 100 per cent of the principal as interest need to remit the principal along with 25 per cent of the interest till March 31, 2007.

For those who paid below 50 per cent of the principal as interest need pay the principal amount along with 50 per cent of the interest and the loan would be considered as closed, he added.

UNI