Sez

Revamped SEZ law unlikely before the upcoming Lok Sabha elections

The commerce department had sought the Union Cabinet's nod to bring amendments in the existing SEZ Act, 2005 late last year

Govt working on reforms for Special Economic Zones: Commerce secretary

The government is working on reforms in the Special Economic Zone (SEZ) domain so that movement of goods between domestic tariff area (DTA) and SEZ space is carried out smoothly without affecting the competitiveness of goods in the export markets, Commerce Secretary Sunil Barthwal said on Saturday. During the pandemic two years ago, many office spaces in the SEZ areas had been vacated due to 'work from home' practice initiated by the occupants. Barthwal said this had led to the demarcation of SEZs into SEZ and DTA spaces. "Scale economies have become very important nowadays. Reforms in the SEZ are in the offing so that movement of goods from SEZ to DTA and vice-versa are not affected rendering goods produced become less competitive", Barthwal said at a symposium organised by the Bharat Chamber of Commerce. The official said that the foreign trade policy (FTP) of the government had been framed keeping in mind the global value chain. "Our FTP has been designed for exporters to take

India, Hong Kong customs dept unearth trade-based money laundering case

The Indian and Hong Kong Customs have unearthed a major case of Trade-Based Money Laundering (TBML) involving Hong Kong-based exporters and Indian importers located in a Special Economic Zone (SEZ), the finance ministry said on Friday. In an exemplary case of bilateral cooperation and exchange of information, this crackdown showcases investigation and enforcement actions taken by both administrations under their respective laws to expose an international cartel. DRI had unearthed a case of Trade-Based Money Laundering from a SEZ, wherein cheap synthetic diamonds were being imported into India in the guise of natural diamonds, to remit foreign currency out of India. Investigations revealed that cheap synthetic diamonds were being mis-declared as natural diamonds and overvalued more than 100 times and being imported from firms based in Hong Kong to SEZ in India. During the investigation, it was also observed that some real diamonds were imported but replaced with synthetic diamonds a

Year ender 2023: 10 important regulatory changes that took place in India

2023 was a busy year for regulators like the Reserve Bank of India and the Securities and Exchange Board of India. Here are the 10 key changes on the regulatory front

Centre to revise SEZ Act, limiting tax sops and enhancing integration

SEZs are areas within the country that have different economic regulations and are considered as a foreign territory, with the primary focus on promoting exports

DESH Bill explained: What it is and why the government may junk it

Discussions are taking place on whether the DESH bill will be passed or the SEZ Act will be amended, officials said

Adani Ports & SEZ total cargo volumes rise 48% Y-o-Y to 37 MMT in October

The total cargo volume of the company's ports in India touched 36 MMT, recording a 43 per cent Y-o-Y growth

Adani Ports and SEZ incorporates wholly-owned aircraft leasing unit

Adani Ports and Special Economic Zone Ltd (APSEZL) on Monday said it has incorporated a wholly-owned aircraft leasing unit, Udanvat Leasing IFSC Ltd. The entity will have an authorised and paid-up share capital of Rs 2.5 crore. Udanvat has been incorporated with the objective to carry out business activity of owning and leasing of aircraft, the compay said in a regulatory filing. APSEZL has incorporated a wholly-owned subsidiary company "Udanvat Leasing IFSC Ltd" on October 23, 2023, the company said in the filing. It also said Udanvat Leasing IFSC Ltd has been incorporated with an authorised and paid-up share capital of Rs 2,50,00,000 divided into 25,00,000 equity shares of Rs 10 each. Last month, Tata Group-owned Air India had also announced setting up an aircraft leasing unit at IFSC (International Financial Services Centre) Gift City while budget carrier IndiGo also plans to establish a shop at IFSC Gift City. Aircraft leasing firms that commence operations from the IFSC in .

Deloitte, Adani Ports & SEZ spar over Hindenburg Research's claims

Had sought external examination of Hindenburg's allegations: Deloitte

Import restrictions on gold jewellery not applicable for SEZ units

The government has clarified that import restrictions on certain gold jewellery and articles are not applicable for units in the special economic zones (SEZs). On July 12, the government, through a notification, imposed these restrictions on certain gold jewellery and articles. In a policy circular, the Directorate General of Foreign Trade (DGFT) said it has received representations from SEZs units highlighting issues being faced by them due to these restrictions. Accordingly, it is "clarified" that imports of these products by SEZ units "are outside the purview" of the July 12 notification, the Directorate General of Foreign Trade (DGFT) said. These zones are treated as foreign entities in terms of provisions related to customs.

GMR Hyderabad Aviation SEZ signs lease with Safran Aircraft Engines for MRO

GMR Hyderabad Aviation SEZ Limited (GHASL), a GMR Group company has recently signed a Land Lease Agreement with Safran Aircraft Engines Services India Pvt. Ltd , a subsidiary of Safran, to lease land to the Paris-based aerospace company to build and operate the Engine MRO facility for LEAP turbofan engines. A press release from GMR said spread across 23.5 acres of the land parcel within the SEZ area of GMR Aerospace and Industrial Park here, the facility will occupy around 36,500 sqm of built-up space. The facility will initially have the capacity to service 100 engines per annum, which will gradually increase, to around 300 engines by 2035. It will also generate ample employment opportunities in the state of Telangana, a GMR official said. The construction of the facility will commence in September 2023. The facility is expected to be handed over in December 2024. This facility in Hyderabad will be the largest MRO (maintenance, repair and overhaul) centre in the Safran Aircraft ...

Commerce department likely to tweak some SEZ rules in DESH Bill

Move will allow use of unutilised spaces in IT/ITeS for non-SEZ purposes

Adani Ports & SEZ completes Rs 1,485 cr acquisition of Karaikal Port

APSEZ will spend another Rs 850 cr over time to upgrade infrastructure and reduce the logistics cost for customers

Migsun Group to invest Rs 706 cr in high-street commercial project in Delhi

Will develop a total built-up area of 6.3 acres on the site and expects to deliver the project within three years

Adani Group has sought 94,000 sq mt land for SEZ, township, says Gujarat CM

The Gautam Adani group has sought 94,000 square metres of 'gauchar' (grazing land) and non-arable land from the Gujarat government to build a township and special economic zone, the state Assembly was informed on Friday. Responding to a query raised by Aam Aadmi Party's Jamjodhpur MLA Hemant Ahir, Gujarat Chief Minister Bhupendra Patel, who handles the revenue portfolio, said the group had sought 93,900 square metres of land in Khodiyar village in Ahmedabad and Dantali village in Gandhinagar. Patel, in his written reply, informed the House the Adani Group had sought this land in exchange for its own plots of equal area in these villages. It has also sought 202 square metres of non-arable land in Jaspur village in Gandhinagar without this exchange mechanism, the CM said. The Adani Group wants land in Ahmedabad district to "develop a Special Economic Zone as part of its state-of-the-art township" while land in Gandhinagar district has been sought for the purpose of a township, the CM

Several initial hiccups at GIFT City are behind us, says Injeti Srinivas

"Government had been doing a lot on the tax regime. They have now focused more on ease of doing business and opening up some businesses and stopping you from exporting your capital market"

Focus on finance

Budget measures will strengthen financial markets

DESH Bill: Commerce dept may scrap concessional corporate tax provision

In July, the commerce department sought inter-ministerial comments on the DESH Bill that aims at replacing the existing special economic zone (SEZ) law

'Proving identity of re-imported goods essential for claiming exemption'

Funds held in the foreign currency accounts of SEZ units cannot be loaned or made available to any person or entity resident in India, not being a unit in Special Economic Zones

Need incentive scheme for data centres, separate economic zones: TRAI

The telecom regulator has also proposed a new data centre readiness survey for states and a new national body for digitisation, sharing and monetisation of data