Survey of Resources. Effectivity- This Act shall take effect upon its approval. What the amendment says The SEZ Amendment Bill replaced an ordinance of Marchwhich amended the SEZ Act of to add two new categories - "trusts or any entity, as may be notified by the Central Government" - among those eligible for setting up units in the notified SEZs.
The main objectives of the SEZ Act are: generation of additional economic activity promotion of exports of goods and services promotion of investment from domestic and foreign sources creation of employment opportunities development of infrastructure facilities It is expected that this will trigger a large flow of foreign and domestic investment in SEZs, in infrastructure and productive capacity, leading to generation of additional economic activity and creation of employment opportunities.
Transitory Provisions. Instead of receiving a licence from the Council, a developer will enter into a master-concession and lease, or a licence-agreement, with the Authority, valid for up to 50 years, and receive an operating certificate.
Enterprises within the zone are granted preferential tax treatment and immigration laws are more lenient. This is seen as particularly for the 41 SEZ health checkpoints for communicable diseases, as well as food and drugs.
Story SEZ Amendment Bill A boost to economic activities and employment Major beneficiaries of the amendment are likely to be the business trusts, port trusts and other trusts engaged in a wide range of economic activities, besides utilising vacant land in SEZs.
Declaration of Policy.