Rajya Sabha cleared the Special Economic Zones (Amendment) Bill, 2019

Last Updated: June 29, 2019

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Rajya Sabha cleared the Special Economic Zones (Amendment) Bill, 2019
29 June 2019 Current Affairs: The Rajya Sabha cleared the Special Economic Zones (Amendment) Bill, 2019 on June 27.that seeks to allow trusts to set up units in special economic zones, a day after the Lok Sabha passed the measure. The Bill will replace the Special Economic Zones (Amendment) Ordinance, 2019, promulgated in March. The amendment of sub-section (v) of Section 2 of the SEZ Act, 2005 will make a trust or any entity notified by the Central government eligible for consideration of grant of permission to set up a unit in special economic zones. The Bill aims at improving and encouraging more investments and introducing features including single-window clearance and to ease imports and exports. 

Ordinance:
The Bill will replace the ordinance promulgated in February 2019. The ordinance seeks to amend the definition of a person under the SEZ Act 2005, which will enable a trust to be considered for grant of permission to set up a unit.
Exports from SEZs rose 21% on year to Rs 7 lakh crore in FY19. As of March 31, there were 232 SEZs, of which 25 are multiproduct and the rest are sector specific, with 5,109 approved units.

Daily Current Affairs 2019



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