Rs 191.06 lakh interest waived off in favour of loanees Kashmir

Srinagar, May 21 (UNI) Jammu and Kashmir State Finance Corporation (SFC) has waived Rs 191.06 lakh interest in favour of the 29 loanees under one time settlement scheme.

Meanwhile, Jammu and Kashmir government has granted a final opportunity to the traders to liquidate their tax arrears under the amnesty scheme.

Officials said that under the one time settlement scheme, the SFC has provided a chance to industrialists, transporters, house boat owners and others, who have taken loan from the corporation to settle their accounts with the corporation.

They said the scheme, approved by the Board of Directors (BoD) of the SFC after the finance minister announced it on the floor of the Assembly this year, will continue for one year from April Ist, 2007 to March 31, 2008.

Officials said the Default Review Committee (DRC) in its latest meeting last week took up a number of cases for settlement under the scheme.

As many as 29 cases--13 industrial, 14 transporters and two house boat--were approved and an amount of Rs 191.06 lakh interest was waived off in their favour by the DRC.

The state government decided to grant an amnesty to trade and industry to enable them to clear their liabilities under the General Sales Tax and enter the portals of VAT regime.

The officials further said as per the commmitment the government had issued a notification, SRO 172 and 173 on May 7, for industry and trade respectively.

The trade and industry could equally avail of the benefits of the amnesty scheme, they added.

It was a golden opportunity to trade and industry to voluntarily liquidate their tax arrears.

UNI