SEZ in Mundra, Gujarat denotified for three violations.
The Videocon group plans to set up a multi-product special economic zone at Shendra in Aurangabad district of Maharashtra at an investment of Rs 6,600 crore (Rs 66 billion).
Since the SEZ Act was notified in February 2006, 22 SEZs have been up and running. In the last financial year (2006-07), these SEZs collectively exported goods worth Rs 33,000 crore (Rs 330 billion) , roughly 6 per cent of India's total exports of Rs 5,71,641 crore (Rs 5716.41 billion). Officials also pointed out that 52,000 people have found employment in the new SEZs set up after 2005.
According to a department notification, Tech Mahindra has approached the Board of Approvals under the Department of Commerce for transferring rights of three SEZs (one in Tamil Nadu and two in Andhra Pradesh) and the proposal will come up for a discussion before the BoA on August 30.
'We want the government to provide job security for all these workers,' says E S N Reddy, district general secretary of CITU.
Amidst a nationwide hue and cry over the setting up of special economic zones (SEZs), the Orissa government has decided to drop one of five SEZs in the state that had received formal approval from the Centre.
The decision was taken at a meeting of the Board of Approvals held at New Delhi.
There are 344 notified SEZs spread across 40,000 hectare in the country that have so far attracted Rs 1 lakh crore (Rs 1 trillion).
The Central Board of Excise and Customs (CBEC) has recommended an overhaul of the Special Economic Zone (SEZ) Act 2005 saying it has detected gross violations of duty and tax concessions causing it to suffer a revenue loss of Rs 1,75,000 crore to date.
After reproaching the International Monetary Fund for its attack on India's SEZ policy, Union Commerce Minister Kamal Nath has criticised the Reserve Bank for its 'inconsistent approach' towards special economic zones. \n
West Bengal on Wednesday decided to repeal the Special Economic Zone (SEZ) Act, 2003, clearing the road for other incentive schemes the Mamata Banerjee-led government is likely to announce over the next few weeks.
Three years after the government brought in a SEZ law promising greater economic activity on the back of tax sops, the Economic Survey on Thursday expressed concern over 'proliferation' of Special Economic Zones seeking a check on them.
The country's largest real estate player, DLF, on Friday said it has approached the government for surrendering four of its IT-ITeS notified special economic zones (SEZ).
As many as 24 special economic zone (SEZ) developers including Dr Reddy's Lab and Tata Consultancy Services have sought more time from the government to execute their projects.
In the wake of the Union Budget proposals, developers of Special Economic Zones (SEZs) say the scheme is heading for an end, with investors' interest certain to reduce drastically.
Special Economic Zones sold by developers after receiving government nod to cash in on the recent boom, would now require fresh clearance from the Centre.
Mukesh Ambani and Anand Jain promoted Mumbai SEZ Ltd has suspended its land acquisition for the MahaMumbai special economic zone in coastal Raigad for an indefinite period.
"Out of three SEZs only one has done some work. We will give back all the developers only the money which they had invested in buying the land as we are taking the land back from them," State Chief Minister Digamber Kamat said.
Developers will now be able to get their land classified as an SEZ at the initial stage of approval by submitting legal documents that prove land ownership. With exports falling sharply in the last six months, faster development of SEZs is seen as one way of increasing overseas sales of Indian goods and services, an official said.
Mukesh Ambani-promoted Mumbai SEZ, coming up in the neighbouring Raigad district, on Tuesday moved the Bombay High Court seeking a speedy completion of land acquisition by the district administration.
Around 55 per cent of land in the 36 operational special economic zones (SEZs) in Tamil Nadu is lying vacant owing to various reasons, including the recent economic slowdown.
The group had protested against K Raheja corp's project at Verna industrial estate, 20 km away from Panaji. The reaction stems from recent statement by senior Congress leader Shantaram Naik disclosing that Chief Minister Digamber Kamat will meet three SEZ promoters to discuss alternate land proposal to set up industry (not SEZ).
The seven government-owned special economic zones across the country are likely to be given autonomy, resulting in greater financial flexibility for these tax-free enclaves. The move will help these zones compete with the private sector SEZs, which are attracting investment from companies.
Demand for special economic zones (SEZs) appears to be reviving even as realty developers are shying away from developing these tax-free enclaves due to liquidity crunch, according to experts who are tracking SEZs.
Mumbai-based infrastructure conglomerate Essar group has withdrawn its plans to build a 1,125 hectare Special Economic Zone in Jamnagar because of the adverse economic environment, a commerce ministry official said. The proposal was to set up a 16-20-million-metric-tonne-a-year petrochemical refinery at an investment of Rs 15,000 crore, one of the largest SEZ proposals, according to information available on the company's website.
The Board of Approval (BoA) on Special Economic Zones (SEZs), the apex decision-making body for such tax-free industrial enclaves, today approved a proposal to amalgamate three separate zones, effectively lifting the 5,000-hectare limit on such zones that the government imposed in 2007.
Concerned over decline in gold exports from SEZs following ban on its trading, the government has allowed units in these zones to export gold items after a minimum value addition of 3 per cent.
Changing the rules of the game for developers or units who have already committed funds upsets the financial calculations that guided the investment decision. It is another matter if the government makes it clear that newcomers will be subject to taxes.
At a recent meeting, the Board of Approval headed by Commerce Secretary S R Rao, also allowed three SEZ developers to surrender their project.
The decision was taken by an inter-ministerial Board of Approval.
The JV was established for development of SEZs/Model Economic Township project and other infrastructure facilities in Haryana.
"Another major policy issue in the trade sector which created a lot of heat was that of SEZs... Some fundamental policy changes are needed for the merchandise trade sector and these include checking the proliferation of SEZs," the pre- Budget Economic Survey, tabled in Parliament on Thursday, said.
A possible solution would be to set them up in the barren land or in land with low agricultural productivity.
The government on Thursday cleared six proposals for setting up special economic zones, taking the total number of such enclaves approved to more than 450.The Board of Approval (BoA), chaired by Commerce Secretary Gopal Pillai, took up nine proposals, of which five were granted formal approvals and one in-principle.
The Development Commissioners have recommended to the Board of Approval to cancel these SEZ projects.
The much-touted special economic zones policy runs the risk of being reversed, in terms of attractive tax exemptions it offers, with the government's finances coming under stress, a study has said.
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