Kerala HC: Revisional Power U/S 263 Not Invocable When AO Grants Sec 32AC Deduction After Inquiry  ||  J&K&L HC: Section 359 BNSS Doesn’t Limit High Court’s Inherent Power U/S 528 to Quash FIRs  ||  Bombay HC: BMC Ban on Footpath Cooking via Gas/Grill Doesn’t Apply to Vendors Using Induction  ||  Madras HC: Buyer Not Liable for Seller’s Tax Default; Purchase Tax Can’t Be Imposed under TNGST Act  ||  Kerala HC: Oral Allegations Alone Insufficient to Sustain Bribery Charges Against Ministers  ||  Delhi HC: CCI Cannot Levy Interest Retrospectively Before Valid Service of Demand Notice  ||  Delhi HC: VC Rules Don’t Shield PMLA Accused From Physically Appearing Before ED in Probe  ||  SC: If Complaint Reveals Cognizable Offence, Magistrate May Order FIR Registration U/S .156(3) CrPC  ||  SC: Private Buses Can’t Operate on Inter-State Routes Overlapping Notified State Transport Routes  ||  Delhi HC: Writ Petition Not Maintainable Against Provisional Attachment When PMLA Remedy Exists    

Parliament passes Special Economic Zones (Amendment) Bill, 2019 - (26 Jun 2019)

Commercial

Parliament has passed the Special Economic Zones (Amendment) Bill, 2019. The Bill seeks to allow trusts to set up units in special economic zones by amending the Special Economic Zones Act, 2005. The Special Economic Zones (Amendment) Bill, 2019 will replace the Special Economic Zones (Amendment) Ordinance, 2019 which was promulgated in month of March. Commerce and Industry Minister Piyush Goyal, during the debate on bill stated that, “this is a small amendment that has large impact on investment, job and growth”.

The Special Economic Zones Act, 2005 was enacted with a view to provide for the establishment, development and management of the Special Economic Zones for the promotion of exports. Clause (v) of Section 2 of the Act defines the term "person" which includes an individual, whether resident in India or outside India, a Hindu undivided family, co-operative society, a company, whether incorporated in India or outside India, a firm, proprietary concern, or an association of persons or body of individuals, whether incorporated or not, local authority and any agency, office or branch owned or controlled by such individual, Hindu undivided family, co-operative, association, body, authority or company. As the said definition did not include "trust or entity", they could not be considered to be a "person" recognised as an entrepreneur eligible to be given permission to set up a unit in Special Economic Zone.

The trusts or entities are very common form of operating bodies in the financial sector. It has become incumbent to amend clause (v) of section 2 of the Act. The Special Economic Zones (Amendment) Bill, 2019 which seeks to replace the Special Economic Zones (Amendment) Ordinance, 2019 provides for the amendment of clause (v) of said section of the Act so as to include the expression "trust or entity" in the definition of "person".

Tags : SEZ   BILL   AMENDMENT  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved