Goa: GIDC reduces interest on outstanding dues of units under one-time settlement scheme

The Goa Industries Development Corporation has decided to lower the penal interest on outstanding dues of various units from 11 per cent to 5 per cent under a one-time settlement scheme.GIDC managing director Pravimal Abhishekh on Wednesday said the scheme would cover all industrial units and was aimed at helping businesses that suffered immensely during the COVID-19 pandemic.A lot of MSME units in the state suffered major losses due to the pandemic.

The Goa Industries Development Corporation has decided to lower the penal interest on outstanding dues of various units from 11 per cent to 5 per cent under a one-time settlement scheme.

GIDC managing director Pravimal Abhishekh on Wednesday said the scheme would cover all industrial units and was aimed at helping businesses that suffered immensely during the COVID-19 pandemic.

''A lot of MSME units in the state suffered major losses due to the pandemic. Under the scheme, there will be reduction only in the penal interest. The principal amount will remain the same for these defaulting units,'' he said.

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