What is the Special Economic Zone Act 2005?
India Code: Special Economic Zones Act, 2005. Long Title: An Act to provide for the establishment, development and management of the Special Economic Zones for the promotion of exports and for matters connected therewith or incidental thereto.
How many Schedules are there in SEZ Act 2005?
The SEZ Act 2005 is mainly divided into 7 different chapters and 3 schedules. Modifications To The Income-Tax Act, 1961. The SEZ Act deals primarily with the following matters: Establishment of the SEZ and the various authorities constituted in this connection.
Under which section of the SEZ Act 2005 cancellation of letter of approval to entrepreneur takes place?
sub‑section (1)
(3) Without prejudice to the provisions of this Act, the entrepreneur whose letter of approval has been cancelled under sub‑section (1), shall remit, the exemption, concession, drawback and any other benefit availed by him in respect of the capital goods, finished goods lying in stock and unutilised raw materials …
When did the Special Economic Zone Act 2005 come into force?
10th February, 2006
Around 800 suggestions were received on the draft rules. After extensive consultations, the SEZ Act, 2005, supported by SEZ Rules, came into effect on 10th February, 2006, providing for drastic simplification of procedures and for single window clearance on matters relating to central as well as state governments.
What is Authorised operations in SEZ?
SEZ unit or developer can undertake ‘Authorized operations’ which are specified in the Letter of Approval issued by Development Commissioner of SEZ. After the appointed day, the Board may, authorise the Developer to undertake in a Special Economic Zone, such operations which the Central Government may authorise.
What is special economic zone?
A special economic zone (SEZ) is an area in a country that is subject to different economic regulations than other regions within the same country. The economic regulations of special economic zones (SEZs) tend to be conducive to—and attract—foreign direct investment (FDI).
Can SEZ employees work from home?
Govt permits IT SEZ employees to work from home. The government has allowed employees of IT and ITeS sectors in special economic zones to work from home or a place outside the SEZs. Meeting the industry’s demand, the Commerce Ministry has listed out the general conditions for work from home by such employees.
Who is overall in charge of special economic zone?
Development Commissioner
As per the SEZ Act 2005, Development Commissioner of a Special Economic Zone, appointed by the Government of India, is the overall in charge of the Special Economic Zone and exercises administrative control and supervision over the officers and employees appointed under sub-section (2) of section 11 (including the …
Who can set up SEZs in India?
According to SEZ Act 2005, a Special Economic Zone can be established either jointly or severally by the Central Government, State Government, or any other person involve in the manufacturing of goods. Even a foreign company can also set up SEZ in India.
How many SEZ zones in India?
At present there are eight functional SEZs located at Santa Cruz (Maharashtra), Cochin (Kerala), Kandla and Surat (Gujarat), Chennai (Tamil Nadu), Visakhapatnam (Andhra Pradesh), Falta (West Bengal) and Noida (Uttar Pradesh) in India. Further an SEZ in Indore (Madhya Pradesh) is now ready for operation.
Where is India’s largest SEZ located?
The Mundra SEZ is the largest port-led operational and notified multi-product SEZ in India that offers land banks for large-scale industries for manufacturing set-up based upon cluster-based development for various industries.