Punjab Power Minister Harbhajan Singh announced on Tuesday the launch of a new One-Time Settlement (OTS) Scheme aimed at resolving pending electricity bills for consumers across the state. The initiative, which will run for three months, is open to industrial, domestic, and commercial users—whether their connections are active or disconnected.
The OTS scheme, introduced by the Punjab State Power Corporation Limited (PSPCL), offers significant relief by reducing interest rates on outstanding dues. A simple interest rate of 9% will now be charged on unpaid bills, compared to the previous 18% compound interest. For consumers who have taken legal action, the interest will be slightly higher at 10%.
Punjab Government Launches One-Time Settlement Scheme for Pending Electricity Bills
Additionally, fixed charges will be waived for consumers with outstanding bills of less than six months. For longer periods, only six months’ worth of fixed charges will be applicable. Consumers will also have the option to pay in four easy instalments, providing further financial flexibility.
The scheme is expected to provide considerable relief to consumers by easing their financial burden and encouraging the settlement of long-pending electricity bills.
Flexible Payment Options and Consumer Benefits
The One-Time Settlement (OTS) Scheme also introduces a more flexible approach to bill payments, allowing consumers to spread their payments over four easy instalments. This move is designed to make it easier for consumers to clear their outstanding dues without facing immediate financial strain. Additionally, the scheme offers significant savings by reducing the compound interest to a lower simple interest rate and waiving fixed charges for shorter durations.
With the introduction of this scheme, the Punjab government aims to support consumers in managing their electricity bills while boosting revenue recovery for PSPCL.
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