Excelsior Correspondent
JAMMU, Dec 18: Federation of Industries Jammu (FoIJ) Co-Chairman and president, Bari Brahmana Industries Association Lalit Mahajan has conveyed gratitude to the Lt Governor of J&K UT, Manoj Sinha and Advisors Farooq Khan and Rajeev Rai Bhatnagar and Chief Secretary Arun Kumar Mehta and others for the approval of regulations framed by the board of revenue for conversion of agricultural land for non-agricultural purposes.
These regulations were necessitated after the legislative changes in the land revenue act post-reorganization of the erstwhile state.
In a statement, Lalit Mahajan lauded the decision of Jammu and Kashmir Administration for conversion of agricultural land for non-agricultural land for setting up New Industrial Estates for prospective entrepreneurs which will help for the massive investment in the Industrial Sector of Union Territory of Jammu & Kashmir which will also go a long way to generate direct and indirect employment opportunities for local people and contribute to the local economy. It is pertinent to mention here that with the issuance of necessary notification by the Revenue Department, the prospective Investors will purchase the private land for the setting up their units in time bound manner.
Meanwhile, FoIJ has drawn attention of LG that as per the earlier notification No. SO 241 dated 16-07-2021 by Finance Department by the virtue of which Stamp Duty has been exempted for the Industrial Sector for setting up of Industries in Government Industrial Estate issued by Govt for the exemption of Stamp Duty whereas a fee of 5 per cent of the market value of the land notified under the Stamps Act applicable for the transfer of Agriculture Land for Non Agriculture use. It is further requested for the applicability of SO 241 dt. 16-07-2021 also for the exemption of Stamp Duty for the transfer of Agriculture land for Industrial purpose.
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