To encourage industries in Bihar, Nitish Kumar's government has brought a new exit policy. This will provide relief to entrepreneurs. Under this policy, entrepreneurs can withdraw the land of closed industrial units and withdraw the lease amount. In the 93rd meeting of Director Council of Biada (Bihar Industrial Area Development Authority) held on 11 February, a decision was taken and approval was given to implement the Exit Policy 2025.

The purpose of this new policy is to use the land of closed units in industrial areas. Entrepreneurs can return the allotted land from Biada. This land will be allotted to establish new industrial units. The last date for application of entrepreneurs is 31 December 2025.

Let us tell you how entrepreneurs can avail this policy. Which enterprises are legally come under this policy.

-All such units whose allocation is currently valid.
-Such units which have filed an appeal against the allocation cancellation in the Appellate Authority, High Court and Supreme Court. These people can take advantage of this policy as per rules and take advantage of this policy.
-All such units whose allocation has been canceled but Biada has not yet taken the intervention.
-In all these cases, the date of allocation or lease is required to be valid on the date of application.

Which industries will not apply this policy:

Whose allocation or lease period is expired.
If the land has been allotted to the third party.

This will be the implementation of policy:

The entrepreneur whose land is being returned to the land, based on the current biada rate of that plot (on the date of application of the land), the remaining amount returned in the following way by making proportional deduction of the lease or allocation period used from their level. Will be done

In case of land (in addition to the newly allotted unit) of industries for a period of -1 to 3 years, 10 percent amount will be returned.
For a period of more than 3 years and less than 5 years, 15 percent amount will be returned in the condition of land of industries.
For a period of more than 5 years, 20 percent amount will be returned in the condition of land of industries.

18 percent GST will be payable on all amounts. Apart from this, the remaining amount will be paid to the entrepreneur only after deducting the arrears of any electricity institute or bank or financial institution or any other department or biada of the government.

The date of being done will be determined on the basis of the inspection report or report of the concerned Deputy General Manager or Regional Manager or Assistant Regional Manager.

Units will have to give these documents:

Basic copy of the essential lease deed and allocation letter of the unit
No objection or outstanding certificate of a financial institution or bank. If no loan is taken, then its affidavit
Electrical certificate or updated electricity bill from electricity company
This certificate will also have to be given that there is no dues of any financial institution or bank or power company or any government department on this unit.

3 months' deferment:

After the application is approved under this policy, the industrial unit related to the date of approval will be given three months. During this time they remove their structure or plant. After this, the ownership of the land will have to be handed over to Biada. If the unit does not remove its plant within the stipulated period, then the government will auction and the amount of expenditure incurred in it will also be deducted from the respective unit.

The amount will be paid in three installments:

In this policy, units with approved applications will be paid the amount in three installments. Biada will pay 40 percent within four months of getting land and 30 percent on four percent on four and then 30 percent on eight months.

This policy for newly formed units:

If the newly formed units, which are working under the Biada Land allocation policy, 2002 and are not able to establish industries under the stipulated time or for any other reason, then they can also take advantage of this policy. For these, the lease or allotted periods used from their level will be made proportional to their level. Apart from this, the remaining amount will be paid by deducting 10 percent of the total amount paid in the land item. If there is any installment of the entrepreneur, then in such a situation, 2 percent of the amount of the amount of the dues will be deducted as a punishment. In case of approved application, all the structures on the ground will have to be removed.

Executive Directors at Biada headquarters can dedicate the application to the office of North or South. Along with the application, all the related documents will also have to be attached.

To consider any application, a committee is headed by the Managing Director, whose decision will be considered final and valid.