2019-03-01

Cabinet approves Promulgation of an Ordinance for Amendment to the Special Economic Zones Act, 2005

Cabinet approves Promulgation of an Ordinance for Amendment to the Special Economic Zones Act, 2005

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.

Source : PMINDIA

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