Amendment to the Special Economic Zones Act, 2005

Posted by Rahul Rajput r18ulkumar on with 0 Comment

Ministry of Commerce & Industry

Press Release Date:- 28.02.2019

The Union Cabinet, chaired by the Prime Minister Narendra Modi has approvedpromulgation of an Ordinance to amend the definition of “person”, as defined in sub-section (v) of section 2 of the Special Economic Zones Act, 2005 (28 of2005) to include a trust, to enable the setting up of a unit in a Special Economic Zone by a trust, as also to provide flexibility to the Central Government to include in this definition of a person, any entity that the Central Government may notify from time to time.

Impact:

The present provision of the SEZs Act, 2005 do not permit ‘trusts’ to set up units in SEZs. The amendment will enable a trust to be considered for grant of permission to set up a unit in SEZs. The amendment will also provide flexibility to the Central Government to include in this definition of a person, any entity that the Central Government may notify from time to time. This will facilitate investments in Special Economic Zones.

[jetpack_subscription_form show_only_email_and_button=”true” custom_background_button_color=”#00d084″ custom_text_button_color=”undefined” submit_button_text=”Subscribe our newsletter” submit_button_classes=”wp-block-button__link has-text-color has-background has-vivid-green-cyan-background-button-color” show_subscribers_total=”true” ]
Spread the love

Leave a Reply

Your email address will not be published.