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Proposed SEZ Law Amendments To Feature In Govt's 100-Day Agenda

Updated: Apr 13, 2024 04:59:58pm

Proposed SEZ Law Amendments To Feature In Govt's 100-Day Agenda

New Delhi, Apr 13 (KNN) The Modi government is expected to bring in proposed amendments to the Special Economic Zones (SEZ) law as part of the 100-day agenda of the Commerce Ministry, with plans to table the changes in the upcoming Monsoon Session of Parliament, sources revealed.

The Monsoon Session will mark the first parliamentary proceedings of the new government and will also witness the presentation of the full budget for the fiscal year 2024-25.

Special Economic Zones are designated enclaves treated as foreign territories for trade and customs duties, with restrictions on duty-free sales of goods manufactured within these zones in the domestic market.

According to the sources, the government is considering several measures aimed at reviving SEZs and facilitating business transactions between these zones and the domestic tariff area (DTA) or the domestic market.

These include a flexible framework for the sale of SEZ-manufactured products in the domestic market and streamlining approval processes for units operating within these zones.

The Commerce Ministry had earlier convened an inter-ministerial meeting to discuss the proposed amendments.

Last year, Commerce and Industry Minister Piyush Goyal had indicated the government's intention to ease certain restrictions for units in Special Economic Zones to promote the sector's growth.

(KNN Bureau)


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