SEZ

By Somesh Arora, Commissioner of Customs (Rtd) THE party time for Special Economic Zones may well be over before it has actually begun. With that will be over the worry lines for Revenue Department, which was spending sleepless nights over purported loss of revenue because of more than 500 approved zones and more than 250 [...] Full Article

The Department of Commerce has completed most of the procedures related to setting up special economic zones online to streamline various operations regarding these industrial enclaves.These steps will not only help the developers of the tax-free zones apply through a website but will enable them to track the status of their applications in real time. Full Article

A. P. (DIR Series) CIRCULAR NO 50 /RBI., Dated: June 3, 2008 Export of Goods and Services- Realisation and Repatriation of Export Proceeds-Liberalisation.  Attention of Authorised Dealer Category – I (AD Category- I) banks is invited to the provisions of sub-regulation (1) of Regulation 9 of the Notification No.FEMA.23 /2000-RB dated May 3, 2000, as [...] Full Article

There is good news in store for SEZ units. The government is likely to put on hold its plan of placing an export obligation on units operating in SEZs. The commerce department has suggested to the finance ministry that the government should consider imposing an export obligation only if exports from such zones fall below a threshold limit in the coming years. While the government was deliberating making it compulsory for all SEZs to export 51% of what they produce, the p.. Full Article

Units undertaking to export their entire production of goods and services except to the extent of permissible sales in the DTA. Second hand capital goods, without any age limit, may also be imported duty free. Full Article