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14 Special Economic Zones (SEZ)
Special Economic Zone (SEZ) is a specifically delineated duty
free enclave and shall be deemed to be foreign territory for the
purposes of trade operations and duties and tariffs.
All the activities relating to Special Economic Zones are guided
by the provisions contained in the Special Economic Zones
Act, 2005 and the Special Economic Zones Rules, 2006 w.e.f.
10th February, 2006. Amendments were made in the Special
Economic Zones Rules by way of:
The Special Economic Zones (Amendment) Rules, 2006
which came into force on 10.08.2006 (vide Notification
NO G.S.R. 470(E), dated 10-8-2006)
The Special Economic Zones (Amendment) Rules, 2007
(vide Notification dated 16.03.2007)
The Special Economic Zones (Second Amendment)
Rules, 2007 (vide Notification dated 12.10.2007)
FOREIGN TRADE POLICY (FTP)
Foreign Trade Policy means the Foreign Trade Policy notified
from time-to-time by the Central Government under section 5
of the Foreign Trade (Development and Regulation) Act 1992
(22 of 1992);
AGRI-EXPORT ZONES (AEZ)
The Government of India (GOI) had announced the creation
of Agri Export Zone (AEZ) in the EXIM POLICY 2001-02
with the objective of promoting greater exports of fresh and
processed agricultural produce from the country. The scheme is
implemented by the Ministry of Commerce, GoI, through APEDA
(the Agriculture and Processed Food Export Development
Authority), New Delhi which is the nodal agency for AEZ.
BIO-TECHNOLOGY PARKS (BTP) Special Economic
The Government of India first proposed to establish
Biotechnology Parks in the country with all the facilities of 100% Zones (SEZ)
Export Oriented Unit in the foreign Trade Policy (2004-09).
Bio-technology encompasses any technique, which uses living
organisms or parts thereof to make or modify products, improve
plant or animal productivity or to develop microorganisms for
specific use.
ELECTRONIC HARDWARE TECHNOLOGY PARKS
(EHTP)
For encouraging exports of electronic hardware items including
hard disk drives, computers, television, etc., such parks
have been developed by the Ministry of Communications &
Information Technology. An Electronic Hardware Technology
Park (EHTP) may be an individual unit by itself or a unit located
46 Quick Insights on Professional Opportunities for Chartered Accountants
