The government has given more time to 20 SEZ developers, including Tata Consultancy Services and Mahindra World City, to execute their projects. At a meeting on January 14, the Board of Approval (BoA) headed by Commerce Secretary Rahul Khullar also allowed four SEZ developers to surrender their projects.
The BoA is a 19-member inter-ministerial body that deals with Special Economic Zones (SEZs) and related issues.
However, the developers surrendering their projects have to obtain a certificate from the respective Development Commissioners that “they have refunded all the tax/duty benefits availed under SEZ Act/Rules,” a senior Commerce Ministry official said.
SEZ developers, including Medicaps IT Park Pvt Ltd and State Industrial Development Corporation of Uttarakhand, had approached the BoA to surrender their projects.
They have cited global economic uncertainty as the reason for quitting their export-focused projects.