Moving to allow 'trusts' in SEZ, Centre airs grounds for immediate legislation by promulgation of ordinance

New Delhi, June 24: Allowing ‘trusts’ to set up units in special economic zones, Commerce Minister Piyush Goyal introduced the Special Economic Zones (Amendment) Bill, 2019 in the lower house today, sharing reasons for immediate legislation by the promulgation of existing ordinance.

 

The amendment seeks to provide flexibility to the central government to include ‘trusts' in the definition of a 'person', in a bid to facilitate investments in these zones.

  

To set up a unit in these zones, which are treated as foreign entities in terms of customs rules, an applicant would have to approach the Board of Approval, which is headed by the commerce secretary. The present provisions of the Act do not permit 'trusts' to set up units in SEZs.

 

Currently, the definition of 'person' includes an individual, whether resident in India or outside India, a Hindu undivided family, cooperative society, a company, whether incorporated in India or outside, a firm, proprietary concern, or an association of persons or body of individuals, whether incorporated or not, local authority and any agency, office or branch owned or controlled by such individual.