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Bill to promote investments in SEZs

Commerce & Industry Minister, Shri Piyush Goyal, introduced a bill in the Lok Sabha that paves the way for trusts to set up units in special economic zones (SEZs), replacing a similar ordinance in March’19. Following the amendment of sub-section (V) of section 2 of the Special Economic Zones Act, 2005, a trust or any entity notified by the central government will be eligible for grant of permission to set up a unit in SEZs. It also enables the central government to include “trusts” in the definition of a “person”, in order to facilitate investments in these zones. To establish a unit in those zones, which are treated as foreign entities in terms of customs rules, an applicant would have to approach the Board of Approval, which is chaired by the Commerce Secretary.