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Govt approves SEZ amendment bill, to be introduced in ensuing session of Parliament

The Bill will replace the Special Economic Zones (Amendment) Ordinance, 2019 (12 of 2019) and will be introduced in ensuing session of the Parliament.

Govt approves SEZ amendment bill, to be introduced in ensuing session of Parliament

New Delhi: The Union Cabinet, chaired by the Prime Minister Narendra Modi, has approved to introduce the Special Economic Zones (Amendment) Bill, 2019.

The Bill will replace the Special Economic Zones (Amendment) Ordinance, 2019 (12 of 2019) and will be introduced in ensuing session of the Parliament.

The Lok Sabha proceedings will start from June 17 and Rajya Sabha from June 20.

“After 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 to be considered for grant of permission to set up a unit in Special Economic Zones,” an official release said.

The present provision of the SEZs Act, 2005 do not permit 'trusts' to set up units in SEZs. The amendment will enable 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 that the Central Government may notify from time to time, government had earlier said in its December release.