Punjab Cabinet’s New Course: Streamlining Payments and Promoting Innovation

In a bid to accelerate the payment process for properties sold by urban local bodies, the Punjab Cabinet has endorsed an amendment to the Punjab Management and Transfer of Municipal Properties Rules, 2021. This regulatory change is set to reduce the timeline for allottees to deposit the sale price to a stringent six months, replacing the earlier allowance of six half-yearly installments.

Chief Minister Bhagwant Mann presided over the meeting during which these decisions were made. The amendment aims at quicker revenue realization, thereby strengthening municipal finances while alleviating any legal disputes over payment delays. Additionally, the Cabinet authorized a funding boost for the Punjab Innovation Mission, with an allocation of Rs 5 crore, aiming to unlock the state's entrepreneurial potential.

This innovation mission is envisioned as a cornerstone in turning Punjab into a magnet for investments and a robust industrial hub, capable of generating employment opportunities. In other decisions, the Cabinet approved service rule frameworks for Punjab Police personnel promoted through sports quotas, and sanctioned the repeal of outdated Appropriation Acts, deemed extraneous by a reviewing committee.

(With inputs from agencies.)