State the salient features of the Special Economic Zones Act, 2005. Also, state the method of appointment and functions of the Development Commissioner.

CS Executive · Economic and Commercial Laws · PYQS · December 2016
State the salient features of the Special Economic Zones Act, 2005. Also, state the method of appointment and functions of the Development Commissioner.

Answer & Explanation:

The salient features of the Special Economic Zones Act, 2005 are as under:- To deal with matters relating to establishment of Special Economic Zone and for setting up of units therein, including requirements, obligations and entitlements; To deal with matters relating to requirements for setting up of off-shore banking units and units in International Financial Service Center in Special Economic Zone, including fiscal regime governing the operation of such units; To the fiscal regime for developers of Special Economic Zones and units set up therein; To single window clearance mechanism at the Zone level; To establishment of an Authority for each Special Economic Zone set up by the Central Government to impart greater administrative autonomy; and To designation of special courts and single enforcement agency to ensure speedy trial and investigation of notified offences committed in Special Economic Zones. Section 11 empowers the Central Government to appoint the Development Commissioner for one or more Special Economic Zones and such Officers and other employees as it considers necessary to assist every Development Commissioner. The functions of the Development Commissioner include: To guide the entrepreneurs for setting up of Units in the Special Economic Zone; To ensure and take suitable steps for effective promotion of exports from the Special Economic Zone; To ensure proper coordination with the Central Government or State Government Departments concerned or agencies with respect to, or for above purposes; To monitor the performance of the Developer and the Units in SEZ; To discharge such other functions as may be assigned to him by the Central Government under this Act or any other law for the time being in force; and To any other functions as may be delegated to him by the Board of approval.

Topics: Special Economic Zones Act, 2005

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