Provide financial assistance to Jammu industry: BBIA

Excelsior Correspondent
JAMMU, Aug 30: The Bari Brahmana Industries Association (BBIA) has urged upon the Union Government to provide financial assistance to Jammu industry.
In a meeting of the members of Bari Brahmana Industries Association held today under the chairmanship of Lalit Mahajan (president), in the presence of Tarun Singla, Ajay Langer, Viraaj Malhotra and others, the members discussed the acute financial crisis being faced by Industrial units.
During discussion, member raised the issue that due to stoppage of communications, 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 payments of crores of rupees held up for the supplies made in the month of July 2019.
It was also highlighted in the meeting that the working capital of the Units holders exhausted due to piling of stocks in the Units due to limited availability of transport vehicles for Kashmir Valley forcing the Unit holders to curtail the production resulting the Unit holders 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 Sobhayaga Scheme of the Govt of India as the Bills pending with the Department, not yet cleared by the concerned Chief Engineers 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.
The Unit holders are also facing the Financial problem due to non release of payment for the reimbursement of IGST/CGST/SGST to the Industrial Units as the claims of hundred of crores pending with the State Tax Department due to non- release of payment by Finance Department to Govt Treasuries in spite of the facts that as per the Notification, the payment shall be released within 21 days from the date of submission of claims by the Industrial Units.
It is pertinent to mention here that due to blockage of funds, number of accounts of the Industrial units may be in-operative in near future resulting the same may be declared as NPA by the Banks.
BBIA appealed to the Governor to intervene in to the matter to resolve the issue on priority basis.

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