| The Act
comprises of eight chapters with 58 sections and three schedules.
The Central Government has already drafted the rules to the
Act, which will be notified in the due course. The Act extends
to the whole of India. . Section 5 of the Act provides that
while notifying any area as SEZ, the following factors will
be taken into consideration:
- Generation of additional economic activity
- Promotion of export of goods and services
- Promotion of investment from domestic and foreign sources
- Creation of employment opportunities
- Development of infrastructure facilities
- Maintenance of sovereignty and integrity of India, the
security of the State
- Friendly relations with foreign state
Chapter I- Defines cretins
words used in the Act.
Chapter II- Deals with the establishment
of Special Economic Zone and units
Chapter III- Deals with the constitution
of the Board of Approval and its duties and functions.
Chapter IV- Deals on the appointments,
functions and duties of the Development Commissioner.
Chapter V- Deals with advantageous provisions
of the Act i.e. ‘single window clearance’.
Chapter VI- Provides for special exemptions
Chapter VII- Constitution of a SEZ authority,
its functions, the officers, their transfers, accounts of
the authority, their audit etc.
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