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Manual On SEZ , FT & WZ , IFTSC - Rajkumar S. Adukia

 

 

OVERVIEW OF THE SPECIAL ECONOMIC ZONES ACT 2005 AND SPECIAL ECONOMIC ZONES RULES, 2006

 

 

 

 

 

 


 

Previously Special economic zones were governed by Chapter X-A of the Customs Act, the Special Economic Zones Rules, 2003, and the Special Economic Zones (Customs Procedures) Regulations, 2003 and Chapter 7 and 7A of Foreign Trade Policy

But w.e.f. 10th February, 2006 the activities relating to Special economic zones are guided by the provisions contained in the Special economic zones Act, 2005 and the Special economic zones Rules, 2006. Chapter X-A of the Customs Act, the Special Economic Zones Rules, 2003, and the Special Economic Zones (Customs Procedures) Regulations, 2003 are not in operation.

 

SPECIAL ECONOMIC ZONES ACT, 2005

Special Economic Zones in India are governed by provisions of Special Economic Zones Act 2005 and Special Economic Zones Rules 2006.

The Act consists of 8 chapters, 58 sections and 3 schedules

The provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or in any instrument having effect by virtue of any law other than this Act. (Section 51)

BIRD’S EYE VIEW OF the Special Economic Zones Act 2005

Chapter

Sections

Title

I

1-2

Preliminary

II

3-7

Establishment of SEZ

III

8-10

Constitution of Board of Approval

IV

11-12

Development Commissioner

V

13-25

Single Window Clearance

VI

26-30

Special Fiscal provisions for SEZ

VII

31-41

Special Economic Zone Authority

VIII

42-58

Miscellaneous

The First Schedule

Enactments

The Second Schedule

Modifications of the Income Tax Act-1961

The third schedule

Part  I

Amendments to certain Enactments

 

Part  II

Amendments to the Banking Regulation Act,1949

 

Part III

Amendments to the Indian Stamp Act,1899

       

The Special Economic Zones Act 2005 provides for the following:

1)       Procedure for making proposal to establish SEZ( Sec 3)

2)       Establishment of SEZ with the approval from Board of Approvals(  Sec 4)

3)       Notifying an area as SEZ by Central Government ( Sec 5)

4)       Approval by Board of Approval for establishment of SEZ ( Sec 8 to 10)

5)       Development Commissioner as administrative Authority for the SEZ ( Sec 11 and 12)

6)       Approval Committee to approve setting up of an unit in SEZ( Sec 13 and 14)

7)       Single window clearance by Approval Committee for setting up unit in SEZ, setting up an OBU and setting up an IFSC.( Sec 15 to 20)

8)       Enforcement officer or agency for notified offences( Sec 21 and 22)

9)       Special civil courts and criminal courts to try notified offences and appeal to High Court ( Sec 23 and 24)

10)   Special Fiscal provisions for special economic zones( Sec 26 to 30)

11)