Business revival package

14/10/2020

In a welcome step to ensure that benefits of Rs 1350 crore business revival package reach to the targeted population without any difficult, the Government of Union Territory of Jammu and Kashmir has fixed different timelines for action by the concerned departments and has explicitly told the concerned Administrative Secretaries to furnish Action Taken Report (ATR) to the Finance Department for appraisal at the highest level. The package was announced by the Lieutenant Governor Manoj Sinha in a press conference on September 19, 2020 and it was stated that a number of measures for different economic sectors were incorporated in the mega package to improve business environment in the Union Territory of Jammu and Kashmir. Stress was laid on devising a mechanism by the administration so that the targeted population starts reaping the benefits of the package without encountering any difficulty. Accordingly, the Finance Department has fixed different timelines for the departments to provide benefits of the package and all the concerned Administrative Secretaries have been told to start according sanctions wherever necessary and furnish Action Taken Report to the Finance Department.
As highlighted by JOURNEY LINE, for interest subvention of 5% in case of all borrowers excluding borrowers under KCC, ACC, loan against depots, loans under personal segments and NBFCs for a period of six months with effect from April 1, 2020, the Government has fixed one month time for the Finance Department and the banks. Similarly, for release of pending interest subvention under 2014 and 2016 rehabilitation schemes for restructured accounts one month time has been fixed. The Power Development and Jal Shakti Departments have been told to ensure 50% waiver of the fixed charges of electricity and water in respect of the industries and commercial establishments for a period of one year from January 2020 to December 2020 within a period of one month. For registration of bus drivers/cleaners/sumo drivers/auto drivers, who have moved to construction works, with the Building and Other Construction Workers Board and payment of monthly remuneration of Rs 1000 each in Direct Benefit Transfer (DBT) mode for a period of six months as per norms, timeframe of one month has been fixed for the Transport and Labour Departments. The Tourism Department has been asked to complete process of sanctioning 80% subsidy amount for installation of the bio-digesters in the houseboats within three months and payment of Rs 1000 per month to the Shikara Walas/workers in the house-boats, tourist guides, Pithuwalas, Dandiwalas etc for further six months up to December 2020 within a period of one month. Similar time-lines have been fixed for other components of the package.

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