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Extension of Validity Period of SEZ Projects |
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| 19-2-2014 | ||||||||||||||||||||||||||||||||||||||||||||||
In terms of Rule 6(2) (a) of the Special Economic Zones Rules, 2006, the letter of approval granted to a SEZ developer is valid for a period of three years within which time effective steps are to be taken by the developer to implement the approved project. The Board of Approval may, on an application by the developer, extend the validity period of the letter of approval. Some SEZ developers have sought extension of validity period of the letter of approval granted to them for the execution of their projects stating reasons including adverse business climate due to global recession, delay in approvals from statutory/State Government bodies, delay in environmental clearance, lack of demand for space in SEZs, changed fiscal incentive regime for SEZs etc. After deliberations and taking into account the facts and circumstances of each case, the Board of Approval for SEZs has granted approval for extension of validity of approval in the case of several developers for the execution of their projects. The State wise position of extension of validity of approvals granted for developers from 1.4.2012 till 31.1.2014 is given as per Annexure. Annexure-I State-wise details of number of SEZ Developers granted extension of validity of their Approvals for setting up SEZ (w.e.f. 1.4.2012 to 31.1.2014)
The information was given by the Minister of State in the Ministry of Commerce and Industry Dr. E.M. Sudarsana Natchiappan in Rajya Sabha today. |
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