Bill seeking to expand categories under SEZ Act 2005 passed by Lok Sabha
A Bill that seeks to expand categories under the Special Economic Zones Act 2005 was passed by the Lok Sabha on Wednesday.
The Special Economic Zones (Amendment) Bill, 2019, will replace an ordinance promulgated in March. During the discussion, Opposition members questioned the government over the need to bring an ordinance on the issue.
The bill will amend the Act which provides for the establishment and management of Special Economic Zones for the promotion of exports.
The Bill adds more categories to the definition of a person under the Act by including a trust or any other entity which may be notified by the Central government. The existing definition includes an individual, a Hindu undivided family, an association of persons, a company, a co-operative society, a firm or a proprietary concern.
The statement of objects and reasons of the Bill says that the trusts or entities are a very common form of operating bodies in the financial sector, it has become necessary to amend a clause of the Act.
It is the first legislation to be passed by the new Lok Sabha.(ANI)