Cabinet approves promulgation of Ordinance allowing trusts to setup units in SEZs : 01-03-2019

The Union Cabinet on Thursday approved the promulgation of an ordinance that will allow trusts to setup units in special economic zones (SEZ).

“This will facilitate investments in SEZs,” the government said in a statement.

The ordinance seeks to amend the definition of a person under the SEZ Act 2005 which will enable a trust to be considered for grant of permission to setup a unit in these units. The current provisions do not allow trusts to do so.

“The amendment would also provide flexibility to the central government to include ‘trusts’ in the definition of a ‘person’, any entity that the central government may notify from time to time,” the government said.

Exports from SEZs grew about 15% to Rs 5.52 lakh crore in 2017-18 as compared to the previous fiscal.

Source : PTI