Cabinet approves the SEZ (Amendment) Bill 2019

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved to introduce a Bill, namely, the Special Economic Zones (Amendment) Bill, 2019 that is the Bill to replace the Special Economic Zones (Amendment) Ordinance, 2019 (12 of 2019).  The Bill will be introduced in ensuing session of the Parliament.

 

After the amendment of sub-section (v) of section 2 of the Special Economic Zones Act, 2005, a trust or any entity notified by the Central Government will be eligible to be considered for grant of permission to set up a unit in Special Economic Zones.

 

The Special Economic Zones (Amendment) Ordinance, 2019 was promulgated on March 2, 2019. It amends the Special Economic Zones Act, 2005 which provides for the establishment, development and management of Special Economic Zones for the promotion of exports.

 

Definition of person: Under the Act, the definition of a person includes an individual, a Hindu undivided family, a company, a co-operative society, a firm, or an association of persons.  The Ordinance adds two more categories to this definition by including a trust, or any other entity which may be notified by the central government.

 

The Ordinance de facto was of the, 7th March, 2019 G.S.R. 200(E).In exercise of the powers conferred by section 55 of the Special Economic Zones Act, 2005 (28 of 2005), the Central Government had made the rules further to amend the Special Economic Zones Rules, 2006.

 

Key: SEZs, SEZ Ordinance 2019, SEZ (Amendment) Bill 2019

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