FCIK welcomes package with caveat

Federation Chamber of Industries Kashmir (FCIK) today welcome the economic revival package announced by the government today but stressed that it was limited to only some measures. Secretary General FCIK, Ovees Qadir Jamie in a statement said: “We welcome the package, but it is limited to some measures and a lot has been left out”.

“The package has provided 5% interest subvention for six months only; the FCIK has demanded it for full financial year 2020-21,” the statement said.

“Previously, RBI has deferred the installments and interest till Aug 2020 and same has been capitalized and rescheduled; the FCIK has demanded one year deferment shall be implemented for repayments,” it said.

Further, on restructured loans and stress accounts “moratorium of 3 years and repayment schedule of 7-10 years shall be provided along with 5% interest subvention”.

The FCIK welcomed “the pending interest subvention of 2014 and 2016 rehabilitation scheme” but said government has stopped providing the interest subvention to the accounts from 1st April 2019.

At a meeting with the committee framed by LG for revival & relief of business sector for drafting the economic package, the FCIK, according to the statement had demanded “price preference for 15% local industry, release of pending payments for the supplies and works executed by MSMEs, OTS scheme for NPA accounts, delay in reimbursement of GST and the non-cash based GST reimbursement shall be adopted for SGST portion as previously in VAT regime”.

“Further, the FCIK demands waiver of the due payment of lease land rent and the time limit for administrative renewals may be extended for one year like pollution, provisional registration and others,” it said.