Furnace industry against advance deposit

LUDHIANA: 'Punjab State Power Corporation Limited (PSPCL) has imposed advance consumption deposit (ACD) scheme based on the last one year's consumption, on the furnace industry and other bulk consumers. This will affect the furnace industry, which is already reeling under a crisis.' This was stated by induction furnace association of north India president K K Garg on Tuesday.
Garg was addressing a press conference here.Garg threatened the association will go on a strike if PSPCL did not roll back its decision. He said the furnace industry was the most hard-hit by the decision as their electricity bill largely ran into Rs 40 lakh per month.
Under the corporation's orders, industrialists have got to deposit the amount one-and-a-half months in advance. The corresponding figure comes to around Rs 60 lakh.
Garg said industrialists were not in a position to deposit such an advance. Raising a question, Garg said: "Why should we deposit this money when the corporation already has an amount we deposited as security with them at the time of getting the electricity connection?"