The bill to amend the Special Economic Zones Act, 2005 was introduced in Lok Sabha by Commerce Minister Piyush Goyal on Monday. It replaces the Special Economic Zones (Amendment) Ordinance, 2019 was introduced on March 2, 2019.
The Special Economic Zones Act, 2005 provides the establishment, development and management of Special Economic Zones for the promotion of exports.
The Ordinance has set a path for setting up of trusts in SEZs which were not provided in the previous act. Here the trust can be set up by a person.
Under the Act, the definition of a person includes an individual, a Hindu undivided family, a company, a co-operative society, a firm, or an association of persons. The Ordinance adds two more categories to this definition by including a trust, or any other entity which may be notified by the central government
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