Cabinet approves Special Economic Zones (Amendment) Bill, 2019

The cabinet has approved the introduction of the Special Economic Zones (Amendment) Bill, 2019. The bill will replace the ordinance which was circulated in March 2019. The ordinance had paved the way for trusts to set up units in special economic zones (SEZs). After an amendment of a section of the SEZs Act, 2005, any trust or any entity notified by the central government will be eligible to be considered for grant of permission to set up units in SEZs, which enjoy certain tax and other incentives.