The Union Cabinet approved promulgation of an Ordinance to amend the
Special Economic Zones Act, 2005. The Special Economic Zones (Amendment) Ordinance was published in the gazette on 2nd of March, 2019.
As per the ordinance, definition of “person”, as defined in sub-section (v) of section 2 of the Act has been amended to include a trust. The original provision of the SEZs Act, 2005 do not permit ‘trusts’ to set up units in SEZs. This amendment enables trusts to be considered for grant of permission to set up a unit in a Special Economic Zone.
The amendment will also provide flexibility to the Central Government to include in this definition of a person, any entity that the Central Government may notify from time to time. This will facilitate investments in Special Economic Zones.
Click here for the ordinance.
