Cabinet gives nod to Ordinance amending the Special Economic Zones Act, 2005; trust/s to be included in the definition of ‘person’ under the Act

Cabinet gives nod to Ordinance amending the Special Economic Zones Act, 2005; trust/s to be included in the definition of ‘person’ under the Act

March 4, 2019 Industries, OPS, states 0

The Ministry of Commerce and Industry, has, in a recent Press Release dated 28th February, 2019 informed that the Cabinet has approved the promulgation of an Ordinance for amending the Special Economic Zones Act, 2005 (“Act”).

The definition of “person” in the Act will now include a trust. This will enable the setting up of a unit in a Special Economic Zone by a trust, and it will also provide flexibility to the Central Government to include in the definition of  person, any entity which  the Central Government may notify from time to time.

SourceMinistry of Commerce and Industry

Share this:

About the author

Lexplosion:

0 Comments

Would you like to share your thoughts?

Your email address will not be published. Required fields are marked *

Leave a Reply