The Lower House of the Parliament, Lok Sabha has passed a bill to amend the Special Economic Zones Act ( SEZ ), 2005.
The Special Economic Zones (Amendment) Bill, 2019, will replace an ordinance promulgated in March.
The Special Economic Zones (Amendment) Bill, 2019 was introduced in Lok Sabha by Mr Piyush Goyal, Minister of Commerce and Industry on June 24, 2019. It amends the Special Economic Zones Act, 2005 and replaces an Ordinance that was promulgated on March 2, 2019. The Act provides for the establishment, development and management of Special Economic Zones for the promotion of exports.
Under the Act, the definition of a person includes an individual, a Hindu undivided family, a company, a co-operative society, a firm, or an association of persons. The Bill adds two more categories to this definition by including a trust, or any other entity which may be notified by the central government.
It is the first legislation to be passed by the new Lok Sabha.
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