Union Budget 2022: New legislation to replace SEZ Act

New Delhi, Feb 1 (KNN) As per the budget announcement made by the Finance Minister Nirmala Sitharaman the development of enterprises and hubs, SEZ (Special Economic Zones) Act is proposed to be replaced with new legislation. 

It will enhance competitiveness of exports as it will cover the existing industrial enclaves, she said. 

Earlier in January it was reported that the government is planning to formulate a new SEZ Act for robust growth enabling businesses to sell goods in the domestic market at low duties, easier exit for loss-making units and units to be able to accept payment in Indian currency.