What is the Special Economic Zone Act 2005?
India Code: Special Economic Zones Act, 2005. Long Title: An Act to provide for the establishment, development and management of the Special Economic Zones for the promotion of exports and for matters connected therewith or incidental thereto.
What is the main aim of SEZ?
The main objectives of the SEZ Scheme is generation of additional economic activity, promotion of exports of goods and services, promotion of investment from domestic and foreign sources, creation of employment opportunities along with the development of infrastructure facilities.
What is the minimum percentage of employees that should be Onboarded for a specific SEZ unit?
Following are some of the conditions listed by the State High Level Clearance Committee, Karnataka: Prepare a Human Resource Development plan to train the land losers / local persons and offer them employment opportunities. Provide a minimum 80% job to local people on overall basis.
How many SEZ zones in India?
378 SEZs are presently notified, out of which 265 are operational
|States/Union Territories-wise distribution of approved SEZs|
|States/UTs||Central Government SEZs set up prior to the enactment of SEZs Act, 2005||Notified SEZs under the SEZ Act, 2005|
Who is specified officer in SEZ?
(zd) “Specified Officer” in relation to a Special Economic Zone means Joint or Deputy or Assistant Commissioner of Customs for the time being posted in the Special Economic Zone; (ze) “status holder” means an exporter recognized under the Foreign Trade Policy.
What are SEZ industries?
A special economic zone (SEZ) is an area in which the business and trade laws are different from the rest of the country. SEZs are located within a country’s national borders, and their aims include increasing trade balance, employment, increased investment, job creation and effective administration.
Can SEZ units sell in domestic market?
Under Section 30 of SEZ Act, 2005, domestic sales of goods made in SEZs are restricted. Supplies from an SEZ to the domestic market – called the domestic tariff area – are treated as imports, with customs duties payable on the clearance of goods.
Which state has the maximum number of SEZ?
Tamil Nadu has the highest number of operational SEZs (40), followed by Karnataka (31) and Maharashtra (30). In this zone, industries get some tax advantages.