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.
The government had imposed Minimum Alternative Tax and Dividend Distribution Tax on SEZs in 2010-11, which were earlier exempted from almost all levies.
'We don't believe in the BJP. But the Congress has no main leader who is credible.'
The decision to withdraw from participating in the special purpose vehicle, being promoted by the Matyas Group, was taken by the MMTC board. MMTC was in the process of receiving shareholders' approval for investing Rs 85.85 crore and picking up up to a five per cent stake in the Maytas Group's SPV for the SEZ.
Unitech Corporate Parks Plc, the real estate investment company listed on London's Alternative Investment Market in which developer Unitech Ltd holds a 40 per cent stake, has decided to put one of its largest assets in India on the block with a valuation of Rs 3,000 crore.
The Reserve Bank of India on Thrusday ruled out any concessional finance to developers and units in these zones, saying they should be treated on par with real estate projects.\n
Board of Approval has asked the Goa government to compensate the denotified developers over the SEZ issue.
For Yogi Adityanath the successful management of the fair is a crucial part of building 'Brand UP' and making the state a $1 trillion economy.
In sharp contrast to the stand taken by his secretary yesterday, Commerce Minister Kamal Nath on Thursday said the Centre can review all special economic zones in Goa as it does not want to thrust SEZs on the states.
The list of cities that leading property consultants feel can give fantastic returns to investors based on the development in the area. These areas are not in any metro but could have proximity to one.
"We will write to the Centre to scrap the eight proposals pending for approval while we will not notify the four (SEZs) that are already approved. About the rest three, we will take up the matter with the Centre to denotify them," said Chief Minister Digamber Kamat.
Singapore plans to develop a Special Economic Zone in India and has suggested forming a study team for greater cooperation in banking sector as part of efforts to enhance economic ties.
Maharashtra SEZ act yet to be notified.
It also sought exemption from Research and Development Cess for joint ventures implementing the offset obligations under the Defence Procurement Procedure introduced a couple of years ago to energise the defence market.
The Comptroller and Auditor General of India plans to focus on infrastructure companies and banks for special audit during the current financial year.
BoA has given formal approval to 15 special economic zones, including those of TCS and Cognizant, and in-principle nod to five, Commerce Secretary and BoA Chairman G K Pillai told reporters after the meeting in New Delhi.
The two countries are scouting for members of a joint working group to study a proposal to this effect made during a recent visit by Commerce and Industry Minister Anand Sharma to Colombo.
In the first half of 2009-10, the exports from the tax- free enclaves were Rs 89,750 crore (Rs 897.5 billion).
The Commerce Ministry on Friday proposed revamp of the SEZ policy to address issues concerning land acquisition and boost exports with a view to bridge the widening trade deficit.
Earlier, the government had prohibited use of second hand machinery in SEZs to prevent migration of units from Domestic Tariff Area to the tax free zones.
Undeterred by strong objections from opposition parties and several non-government groups, the Maharashtra government is to proceed with the Maharashtra Special Economic Zones and Designated Areas Bill in the legislature during the winter session beginning on December 1 in Nagpur.
Developers will soon be allowed to transfer used plant and machinery of up to 20 per cent of their total capital goods requirement to special economic zones they set up.
Worried over the impact of global slowdown on exports, the Commerce Ministry has initiated an exercise to revitalise SEZs, which contribute over Rs 3 lakh crore, or about 28 per cent, to the country's total outbound shipments.
Leather exporters have chalked out plans for setting up five special economic zones for giving a much-needed boost to the sector by availing tax incentives offered under the SEZ Act.
The Congress on Wednesday said the Supreme Court judgment on certain matters relating to transactions by the Adani Group has proven to be 'extraordinarily generous' to Securities and Exchange Board of India (SEBI) and asserted that the party's fight against crony capitalism and its ill-effects on prices, employment and inequalities will continue.
The developers of special economic zones may not get tax benefits for the money spent on meeting the contiguity norms.
Seven out of the 10 listed firms of Adani group have received show cause notices from the Securities and Exchange Board of India (Sebi) for alleged violation of related party transactions and non-compliance with listing regulations, the companies said in their regulatory filings to the stock exchanges. While group's flagship Adani Enterprises Ltd, renewable energy firm Adani Green Energy Ltd (AGEL) and city gas distributor Adani Total Gas Ltd said Sebi sent notices of their parent or holding company controlled by conglomerate's chairman Gautam Adani, ports company Adani Ports & Special Economic Zone, Adani Power, electricity transmission firm Adani Energy Solutions, and commodities firm Adani Wilmar said they have received Sebi notices.
Also considered as a green initiative, it would help the units reduce transaction cost and time.
In its meeting in New Delhi, the inter-ministerial Board of Approval also approved India's largest stainless steel producer JSL's proposal to surrender its sector-specific SEZ in Orissa, Commerce Ministry Additional Secretary D K Mittal told PTI.
The two countries have already formed a Steering Committee to carry forward the proposals, one of which relate to setting up a 2,500-acre multi-product SEZ in the south.
The Mangalore Special Economic Zone Limited (MSEZL) is facing stiff opposition from the landholders who are resisting acquisition of their lands.
The Bill was introduced in the Legislature in April this year, but despite being listed on the agenda during the recently concluded Monsoon Session, it could not be taken up for discussion.
Insurance funds will soon start flowing to special economic zone projects, agro-processing and infrastructure projects, domestic satellite services and social infrastructure like educational institutions and hospitals.
Social networking site Facebook will be launching its India operations from Hyderabad - its first office in Asia - within two months from now. A proposal to this effect was cleared by the government on Saturday.
The government has also ruled out the need for an amendment to the SEZ Act, as was demanded by Left parties.
First reversal after last year's protests in the state.
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