New
Delhi: The commerce department has finalised the draft
of the much-awaited Act for Special Economic Zones (SEZs)
that will provide a comprehensive package to boost exports
through this medium-term tool.
The
incentives proposed include exemption from the mandatory
provisions of the Insurance, Banking and Sick Industries
Act. The draft of the Special Economic Zone Bill 2002
contains provisions to treat units located in the zones
as units located in foreign territory in so
far as import, export and foreign exchange regulations
are concerned.
The
draft has been circulated to various ministries and departments.
Once it obtains Cabinet approval, it will be tabled in
Parliament, sources in the department said.
Since
the provisions related to SEZ are governed by different
laws, the government wants to put together all the provisions
under one Act. Therefore, the SEZ Bill 2002 seeks to
provide for the establishment, development, operation,
maintenance, management and administration of the SEZs.
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