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Special Economic Zones (Amendment) Ordinance 2019 is approved by Parliament

Special Economic Zones (Amendment) Ordinance 2019 is approved by Parliament

Parliament has approved the Special Economic Zone (Amendment) Bill, 2019 which allows industries to establish units in special economic zones. This bill has replaced the Special Economic Zone (Amendment) Ordinance 2019, this ordinance was implemented in March 2019. This bill has been amended in the Special Economic Zones Act, 2005.

Highlights

  • This amendment will provide the flexibility to the Central Government to define any individual or any organization which the Central Government may notify from time to time.
  • The Government believes that this amendment will increase the investment in SEZ.
  • This bill will replace the Special Economic Zone (Amendment) Ordinance, 2019, enforced in March 2019 and after getting approval from the President, law will be made.
  • According to the law, a person, a Hindu divided family, a company, a cooperative society or a firm come under the definition of 'person'.
  • According to the Ministry of Commerce, this is a small amendment which will have a major impact on investment, employment and development.
  • The Government believes that the current provisions of the SEZ Act, 2005 do not allow business entities to set up business units in special economic zones.
  • Allowing for permission to set up units in Special Economic Zone (Amendment) Bill, 2019 SEZ will be considered.

Special Economic Zone (SEZ)

  • Special Economic Zones or SEZs are the specially defined geographical area, from which trade, economic activities, production and other business activities are carried out.
  • These areas are developed to encourage business activities keeping in view the special economic rule laws within the country's borders.
  • India is the first Asian country to set up a special economic zone in Kandla in 1965 to increase exports.
  • It was named Export Processing Zone (EPZ).
Q.1 In India, who signs a bill to make law?
A. Prime Minister
B. President
C. Home Minister
D. Chief Justice
Answer...
Ans: President
Q.2 Which is the first country of Asia to set up special economic zone?
A. China
B. India
C. Japan
D. Afghanistan
Answer...
Ans: India

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