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ARTICLE · 07 FEBRUARY 2022

Enabling Partnership For States

Economic Laws Practice
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The Finance Minister has announced that the Special Economic Zones Act, 2005 (SEZ Act) will be replaced with a new legislation that will enable the States to become partners in ‘Development of Enterprise and Service Hubs'.

IndiaFinance and Banking
Economic Laws Practice
Economic Laws Practice
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The Finance Minister has announced that the Special Economic Zones Act, 2005 (SEZ Act) will be replaced with a new legislation that will enable the States to become partners in 'Development of Enterprise and Service Hubs'. This will cover all existing and new industrial enclaves to optimally utilize available infrastructure and enhance competitiveness of exports.

Easing Customs Administration

Customs administration of SEZ's is expected to be fully IT driven & integrated with the Customs National Portal to eventually enable robust tech driven processes. This, hopefully, will reduce the processing time and eventually lead to a risk-based intervention system. This proposed facilitation is expected to go live by 30th September 2022 and mark yet another feather in India's Ease of Doing Business policy cap.

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