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Home » IANS » Centre notifies amendments to SEZ legal framework

Centre notifies amendments to SEZ legal framework

By IANS
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New Delhi, Dec 20 (IANS) The Centre on Friday notified a major reform to the existing SEZ legal framework by amending the existing provisions governing the minimum land area requirement amongst others.

The existing provisions governing the categorisation as sector-specific and multi-product SEZs were amended, and now all existing and new zones would become multi-sectoral.

Further, the provisions governing the minimum land area requirement for setting up of SEZs have been relaxed and simplified.

The amended legal framework mandates a minimum land area requirement for setting up a multi-product SEZ to be 50 hectares from an earlier 500 hectares.

Similarly, the minimum built-up area requirements for services have also been significantly reduced.

The Centre expects the amended legal framework to be a major step in unlocking the potential of SEZs to attract investments and boost exports.

–IANS

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