Cabinet approves Promulgation of an Ordinance for Amendment to the Special Economic Zones Act, 2005

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..... Cabinet approves Promulgation of an Ordinance for Amendment to the Special Economic Zones Act, 2005
News and Press Release
Dated:- 1-3-2019

The Union Cabinet, chaired by the Prime Minist .....

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..... er Narendra Modi has approved promulgation of an Ordinance to amend the definition of "person", as defined in sub-section (v) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005 .....

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..... ) to include a trust, to enable the setting up of a unit in a Special Economic Zone by a trust, as also to provide flexibility to the Central Government to include in this definition of a person, any .....

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..... entity that the Central Government may notify from time to time. Impact: The present provision of the SEZs Act, 2005 do not permit 'trusts' to set up units in SEZs. The amendment will enable .....

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..... a trust to be considered for grant of permission to set up a unit in SEZs. The amendment will also provide flexibility to the Central Government to include in this definition of a person, any entity .....

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..... that the Central Government may notify from time to time. This will facilitate investments in Special Economic Zones.
News - Press release - PIB .....

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