Explain the powers and functions of 'Approval Committee' constituted, under Special Economic Zones (SEZ) Act, 2005.

Section 14 of the Special Economic Zones Act, 2005, empowers every Approval Committee to discharge the functions and exercise the powers in respect of the following matters: approve, the import or procurement of goods from the Domestic Tariff Area, for carrying on the authorised operations by a Developer in the Special Economic Zone; approve providing of services by a service provider from outside India or from the Domestic Tariff Area for carrying on the authorised operations by the Developer, in the Special Economic Zone; monitor the utilisation of goods or services or warehousing or trading in the Special Economic Zone; approve, modify or reject proposals for setting up Units for manufacturing or rendering of services or warehousing or trading in SEZ in accordance with the provisions of Section 15(8) of the Act; allow on receipt of approval foreign collaborations and foreign direct investments, including investments by a person outside India for setting up a Unit; monitor and supervise compliance of conditions subject to which the letter of approval or permission, if any, is granted to the Developer or entrepreneur; and perform any other functions as may be entrusted to it by the Central Government or the State Government concerned, as the case may be.