Excelsior Correspondent
JAMMU, Aug 21: Bari Brahmana Industries Associa-tion (BBIA) has claimed that Jammu industry has been facing massive financial crunch and urged upon the State Administration to come for its rescue.
An urgent meeting of the members of Industries Associations of Jammu Province was held today under the chairmanship Lalit Mahajan, its president, in the presence of Vijay Aggarwal, president, AOI Samba, Ajit Bawa president, Kathua Industrial Units Association, Tarun Singla, senior vice president, Ajay Langer vice president, Viraaj Malhotra general secretary, Rajesh Jain secretary and Vivek Singhal treasurer BBIA & Sandeep Mittal general secretary, Kathua Industrial Unit Association and other members to discuss the problem being faced Industrial units.
During the course of meeting, members present raised the issue that due to stoppage of Internet Services across the State the Industrial Sector supplying the good to Kashmir Valley is suffering very badly as the Unit holders have no contact with the buyers from Kashmir Valley resulting curtailment in the production and huge quantity of stocks piled up with the Industrial Units due to which the Working capital of the Units stands exhausted as they are not able to pay the GST/Power bills/Bank interest on Working Capital and Term Loan in near future.
It was also resolved in the meeting that hundred of crores payment of Industrial Units since last few months blocked with the Power Development Department for the supply of materials under the Sobhagya Scheme of the Govt of India as the bills pending with the Department due to some procedural delay in spite of the facts that the material supplied by the Unit holders as per the delivery schedule. It is unfortunate on the part of the PDD to withhold the payment of Industrial units in spite of the facts that the funds already released by Govt of India to PDD under the said scheme.
Further, all is not well in respect of reimbursement of CGST/SGST and 2% Refund claims in lieu of CST to the Industrial Units.
They requested the Governor to waive off Bank interest on Term Loan and Cash Credit facilities for the months of July, August & September 2019 with the rescheduling of Bank installments of Term Loans; not to declare NPA during the period of July to September 2019, provide soft loans to Unit holders if needed, since maximum Industry facing Financial crunch due to complete stoppage of Financial transitions.
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