TMI BlogSetting up of SEZsX X X X Extracts X X X X X X X X Extracts X X X X ..... Setting up of SEZs - News and Press Release Dated:- 10-11-2010 - News - In terms of the SEZ Act, 2005 a SEZ may be set up either jointly or severally by the Central Government, State Govt. or any person for manufacture of goods or rendering services or for both or as a free trade warehousing zone. Such proposals duly recommended by the concerned State Government are considered by the Board of App ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roval for SEZs. In addition to seven Central Government Special Economic Zones (SEZs) and 12 State/Private Sector SEZs set up prior to the enactment of SEZ Act, 2005, formal approval has been accorded to 578 proposals out of which 367 SEZs have been notified. A total of 122 SEZs are already exporting. Setting of SEZ unit and its functioning is regulated as per the provisions of SEZ Act 2005 and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rules framed thereunder. The Approval Committees under the Development Commissioners constituted for each Zone, which comprise representatives from Customs, Income-tax, State Governments etc. have been directed to monitor the performance of the SEZ Units. This includes scrutiny of Annual Performance Report (APR), Quarterly Performance Report (QPR) and details of rent recovery. Failure to meet the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... requirements of the scheme or any violation attracts action under Foreign Trade (Development and Regulation) Act, 1992. This was stated by Shri Jyotiraditya M Scindia, Minister of State for Commerce and Industry, in a written reply in the Rajya Sabha today. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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