FICO demanded Punjab Government should compensate the enhancement of Focal Point Phase VIII

Ludhiana, August 1, 2018: FICO delegation under the chairmanship of S.Gurmeet Singh Kular President along with Shri Vipan Mittal Sr.Vice President FICO met S.Manpreet Singh Badal, Finance Minister, Punjab and discussed regarding PSIEC Enhancement Case of Focal Point Phase VIII, and FICO delegation demanded that the Punjab Government should compensate the enhancement cost of Focal Point Phase VIII.

The delegation explained that Almost 5 years back PSIEC issued a notice of Rs.249 per square yard to Focal Point Phase VIII Allottees, which was finally settled at Rs.24 per square yard. Now again PSIEC have issued a notice and demanded Rs.474 per square yard from Focal point Phase VIII allottees, whereas PSIEC have already taken 100% anticipatory enhancement. Rs.474 per square yard enhancement has now almost become Rs.700 (addition of interest and surcharges). After the implementation of the GST & Demonetization, the industry has already been crushed. The delegation demanded that the government of Punjab should compensate the enhancement cost.

S. Manpreet Singh Badal Honorable Finance Minister Punjab heard the grievances of the focal point phase VIII allottees and assured the delegation that suitable solution will be provided within the period of 15 days. Further he said it is the need of the hour, to revive the industry of Punjab, and Government of Punjab will do the needful.

Amongst Present were S. Gurmeet Singh Kular President, Sh. Vipan Mittal Sr. Vice President, Sh. Vijay Mehtani, Sh. Jiwan Parbhat Jain, Sh. Gagneesh Singh Khurana & S. Surinderpal Singh.