NEWDELHI: The Commerce ministry is planning to introduce Special Economic Zone Bill in the forthcoming budget session of Parliament. This was announced today by S N Menon, secretary, commerce and industry.
Delivering a keynote address at Assocham here today, Mr Menon said the government had finalised almost all details of the proposed legislation barring a few issues which require the attention of top polity and is all set to introduce it in Parliament in its budget session.
“The issues which needed to be sorted out for fixing certain responsebilities on states Special Economic Zones will be resolved shortly,� he said.
After the SEZ Bill was referred to the Group of Ministers (GoM) to sort out certain contentious issues like setting up of branches of foreign banks in the special zones, there were apprehensions that the important legislation could be delayed.
However, the commerce secretary removed all such apprehensions asserting that the SEZ area was receiving topmost priority of the ministry.
Commenting on the Budget proposals of the commerce ministry, Mr Menon said a final round of discussions would soon be held with the revenue department. The officials of the two ministries have already held discussions with detailed proposals going from the commerce ministry to the finance ministry.
Responding to the criticism of Assocham president Mahendra K Sanghi about the income-tax being imposed on the Duty Entitlement Pass Book (DEPB), Mr Menon said the issue would also be addressed.
The government on its part has opposed the reopening of the income tax cases on DEPB claims.
Mr Menon said both the commerce department and the revenue department had taken upon themselves to ensure that the transaction cost for exporters was reduced and harassment would end. ‘’We are clear in our target to remove harassment,’’ he said.
(You can now subscribe to our Economic Times WhatsApp channel)
Delivering a keynote address at Assocham here today, Mr Menon said the government had finalised almost all details of the proposed legislation barring a few issues which require the attention of top polity and is all set to introduce it in Parliament in its budget session.
“The issues which needed to be sorted out for fixing certain responsebilities on states Special Economic Zones will be resolved shortly,� he said.
After the SEZ Bill was referred to the Group of Ministers (GoM) to sort out certain contentious issues like setting up of branches of foreign banks in the special zones, there were apprehensions that the important legislation could be delayed.
However, the commerce secretary removed all such apprehensions asserting that the SEZ area was receiving topmost priority of the ministry.
Commenting on the Budget proposals of the commerce ministry, Mr Menon said a final round of discussions would soon be held with the revenue department. The officials of the two ministries have already held discussions with detailed proposals going from the commerce ministry to the finance ministry.
Responding to the criticism of Assocham president Mahendra K Sanghi about the income-tax being imposed on the Duty Entitlement Pass Book (DEPB), Mr Menon said the issue would also be addressed.
The government on its part has opposed the reopening of the income tax cases on DEPB claims.
Mr Menon said both the commerce department and the revenue department had taken upon themselves to ensure that the transaction cost for exporters was reduced and harassment would end. ‘’We are clear in our target to remove harassment,’’ he said.
Add 
as a Reliable and Trusted News Source
as a Reliable and Trusted News Source
Add Now!
(You can now subscribe to our Economic Times WhatsApp channel)
