The overwhelming response the government received and the hindrance of regulatory approvals combined could allow the government to extend the deadline for amnesty programs involving developers and builders, a national daily newspaper reported.
The amnesty system allows developers and builders to deposit undeclared money in a separate bank account to complete a project by September 30, 2022. The original deadline for using this scheme is December 31, 2020. Work. But now there is something the government is reporting. Can be extended until June 30, 2021.
According to the report, the government is considering extending the project completion date is September 2022 to June 30, 2023.
According to news reports, developers and builders working on about 500 projects at different stages of regulatory approval have been willing to deposit money north of Rs. 800 million in a separate account provided under the amnesty system.
The current government has announced a construction package that offers a variety of incentives to investors, developers and builders. Among these incentives, you don't have to ask for the source of your investment for funds deposited in the bank accounts of projects starting after April 2020 and scheduled to be completed in September 2022.
At the time of the launch of this package, the government promised regulatory approval for the project within 45 days, but it was not implemented. As a result of this issue, the government is currently considering extending the deadline.