SEZ amendment Bill may be taken up in Monsoon Session

The Special Economic Zone (SEZ) Amendment Bill — to overhaul the existing two-decade-old law — is likely to come up in the monsoon session of Parliament.

- SHREYA NANDI

Prior to this, the commerce department is set to seek approval of the Union Cabinet for the new Bill to modernise India's SEZ framework.

The proposed changes in the law have been designed to align with the emerging order of global trade, attract investment and boost local manufacturing, a person aware of the matter said.

One of the changes in the existing law aims to allow the sale of products manufactured in SEZs to the domestic market. This would be on a 'duty foregone basis' on raw materials, instead of finished products. At present, SEZs pay full Customs duty, in case a finished product is sold outside these zones, known as domestic tariff area (DTA).