Punjab cabinet approves 50 pc reduction in interest on amount of enhancement recoverable from allottees of Improvement Trust

The Punjab Cabinet on Sunday approved a 50 per cent reduction in interest charged on the amount of enhancement recoverable from allottees of Improvement Trust.

According to a statement issued by Punjab Chief Minister's Office (CMO) today, the State Cabinet approved to reduce the amount of interest from 15 per cent per annum to 7.5 per annum (simple interest).

This decision was taken during a Cabinet meeting chaired by Chief Minister Charanjit Singh Channi here at Punjab Bhawan this afternoon.

According to a spokesperson of the Chief Minister's Office, around 40,000 families under various schemes of Improvement Trusts would be benefitted from this decision.

"The step has been taken on the repeated requests received from various Improvement Trusts either to waive off or reduce the rate of interest to be charged on the enhancement amount to be recovered from the allottees," said the spokesperson.

( With inputs from ANI )

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