Mobile Banking For Inclusive Growth - Punjab National Bank ...

e-trackWith a view to provide a significant thrust to Moreover, for promoting infrastructural facilitiesthe policy, the government enacted, the SEZ Act for export production SEZ was set up in the public2005 and it became operative from 10th February private, joint sector or by the State government. In2006, with the SEZ rules vetted and approved for the fact the planning for SEZ programme to ensure thenotification.SEZ FRAMEWORKexport led growth by attracting FDI and otherprivate sector instrument and thus using SEZ ascatalyst in the reform, economic development ,employment creation and regional development.Fiscal Incentives and RegulatoryBenefits (Preferential policyFramework)The purpose of the Special Economic Zone isconceived to be acceleration of economicSEZdevelopment in a part of the country mainly owningto external strategy investors particularly by therealization of anyone or all of the followingIntegrated Information (Self contained and self managed) objectives.The concept embraces the strategic 1. Generation of additional economic activity.positioning of the zone in the world markets by 2. Development of new technological solutionleveraging on the strong backward linkages with and their use in national economyhinterland /Domestic Tariff Area (DTA) For 3. Promotion of exports of goods and services.undertaking SEZ acting one should have a multi-4. Increasing competitiveness of products anddisciplinary expertise in the fields of business ,services.economics , Finance , legal and urban and5. Making use of already existing industrial andinfrastructure planning.economic infrastructure.Administrative Set-up for SEZs6. Creating employment opportunities.i) SEZ are governed by three tier administrative7. Making use of natural resources with respectset –upii)iii)Thrust on Self Certification and inzone environment (Hassel freeoperating Environment)The Board of Approval is the apex body in thedepartmentThe unit Approval Committee at the zonallevel dealing with approval of units in the SEZand other related issues andEach zone is headed by a DevelopmentCommissioner, who also leads the unit ApprovalCommittee.The SEZ rules provide the simplifiedprocedures for development, operation andmaintenance of the Special Economic Zones forsetting up and conducting business in SEZ.to natural environment.India's Policy On SEZ -A SnapshotDeveloper of SEZ may import /procure goodswithout payment of duty for the development,operation and maintenance.Income tax exemption for a block of 10 year in15 years at the option of developer as persection-80-IA of the Income Tax Act.Full freedom in allocation of developed plotsto approved SEZ units on purely commercialbasis.Full authority to provide services like water,electricity, security, restaurants, recreationJanuary-March-201018