THE SPECIAL ECONOMIC ZONES ACT, 2005

ACT NO. 28 OF 2005 · Enacted [23rd June, 2005.] · 58 sections

PRELIMINARY

Section 1.Short title, extent and commencement.

Section 2.Definitions.

ESTABLISHMENT OF SPECIAL ECONOMIC ZONE

Section 3.Procedure for making proposal to establish Special Economic Zone.

Section 4.Establishment of Special Economic Zone and approval and authorisation to operate it to, Developer.

Section 5.Guidelines for notifying Special Economic Zone.

Section 6.Processing and non-processing areas.

Section 7.Exemption from taxes, duties or cess.

CONSTITUTION OF BOARD OF APPROVAL

Section 8.Constitution of Board of Approval.

Section 9.Duties, Powers and functions of Board.

Section 10.Suspension of letter of approval and transfer of Special Economic Zone in certain cases.

DEVELOPMENT COMMISSIONER

Section 11.Development Commissioner.

Section 12.Functions of Development Commissioner.

SINGLE WINDOW CLEARANCE

Section 13.Constitution of Approval Committee.

Section 14.Powers and functions of Approval Committee.

Section 15.Setting up of Unit.

Section 16.Cancellation of letter of approval to entrepreneur.

Section 17.Setting up and operation of Offshore Banking Unit.

Section 18.Setting up of International Financial Services Centre.

Section 19.Single application form, return, etc.

Section 20.Agency to inspect.

Section 21.Single enforcement officer or agency for notified offences.

Section 22.Investigation, inspection, search or seizure.

Section 23.Designated Courts to try suits and notified offences.

Section 24.Appeal to High Court.

Section 25.Offences by companies.

SPECIAL FISCAL PROVISIONS FOR SPECIAL ECONOMIC ZONES

Section 26.Exemptions, drawbacks and concessions to every Developer and entrepreneur.

Section 27.Provisions of Income-tax Act, 1961 to apply with certain modification in relation to Developers and entrepreneurs.

Section 28.Duration of goods or services in Special Economic Zones.

Section 29.Transfer of ownership and removal of goods.

Section 30.Domestic clearance by Units.

SPECIAL ECONOMIC ZONE AUTHORITY

Section 31.Constitution of Authority.

Section 32.Officers of Authority and other staff.

Section 33.Special provision for transfer of officers or other employees to Authority.

Section 34.Functions of Authority.

Section 35.Grants and loans by Central Government.

Section 36.Constitution of Fund and its application.

Section 37.Accounts and audit.

Section 38.Directions by Central Government.

Section 39.Returns and reports.

Section 40.Power to supersede Authority.

Section 41.Members, officers and other employees of Authority to be public servants.

MISCELLANEOUS

Section 42.Reference of dispute.

Section 43.Limitation.

Section 44.Applicability of provisions of this Act to existing Special Economic Zones.

Section 45.Person to whom a communication may be sent under this Act.

Section 46.Identity Card.

Section 47.Authorities responsible for administration.

Section 48.Protection of action taken in good faith.

Section 49.Power to modify provisions of this Act or other enactments in relation to Special Economic Zones.

Section 50.Power of State Government to grant exemption.

Section 51.Act to have overriding effect.

Section 52.Certain provisions not to apply.

Section 53.Special Economic Zones to be ports, airports, inland container depots, land stations, etc., in certain cases.

Section 54.Amendment to First Schedule.

Section 55.Power to make rules.

Section 56.Power to remove difficulties.

Section 57.Amendment of certain enactments.

Section 58.Savings.