BoA to cancel formal approvals for 27 SEZs
The board of approval (BoA) for the special economic zones (SEZs) has decided to cancel all formal approvals that had been given to the 27 of these zones, including those which was proposed to be developed by the Reliance Infocom Infrastructure, Emaar MGF Land and Sail, after noting that the progress that has been made by the developers was not at all satisfactory.
According to the SEZ Rules, the formal approval is valid only for three years by which time at least one unit has to commence production and the SEZ then only becomes operational. The BoA proposal for the cancellation of formal approvals is, however, subject to the development commissioner who is furnishing a certificate that the developer has either not availed any tax/duty benefits for SEZs or has refunded all the benefits availed. The final call is also subject to the respective state governments who have been furnishing no objection certificates.
Further details have yet not been made available as whether the cancellation of formal approvals are final and what will be the followed on decision if the approvals are cancelled out. Information will be made available once all these decisions are taken.
Source: The Financial Express
BoA proposal, Board of Approval, Emaar MGF Land, Reliance Infocom Infrastructure, SAIL, SEZ Rules, special economic zones, tax/duty benefits for SEZ
