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Govt ready to cancel 4 Special Economic Zones Projects

SEZs are exports hubs, which contribute about 16 per cent to the country's total outbound shipments

Policy Pulse
Publish Date: Aug 25 2016 1:10PM | Updated Date: Aug 25 2016 1:10PM

Govt ready to cancel 4 Special Economic Zones Projects

The government is ready for the cancellation of projects to four special economic zones (SEZ) developers. These SEZs include Broadway Integrated Park and Veritas Infrastructure Development in the country.

 

The decision regarding this was taken in a meeting of the Board of Approval (BoA) on August 12, which was chaired by Commerce Secretary Rita Teaotia.

 

"The board examined the four cases of cancellation of formal notification and approved the cancellation," the BoA meeting minutes said.

 

However, it said that the cancellation is the subject to the development commissioner furnishing a certificate in the prescribed format certifying that the developer has not availed any tax benefits.

 

These benefits include service tax exemptions and they benefited any, under SEZ Act, he has to refund these.

 

Muttha Realty and Broadway Integrated Park had planned to set up an IT/ITeS zones, while Veritas Infrastructure Development and Saloni Business Park had proposed to set up biotechnology park SEZ.