Special economic zone unit approvals require foreign exchange compliance, infrastructure availability and sector-specific safeguards for regulated activities. Proposals to establish units in Special Economic Zones are considered by the Approval Committee within 15 days, or by the Board within 45 days where Board ... Summary
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Special economic zone unit approvals require foreign exchange compliance, infrastructure availability and sector-specific safeguards for regulated activities.
Proposals to establish units in Special Economic Zones are considered by the Approval Committee within 15 days, or by the Board within 45 days where Board approval is required. Approval with modifications or rejection requires written reasons, communicated by the Development Commissioner. Approval conditions include positive net foreign exchange earnings, applicable value addition, a developer's written provisional offer of space, environmental compliance, proof of residence and specified financial records. The lease and possession follow the Letter of Approval; a registered lease deed must be furnished within six months, failing which the Approval Committee may withdraw the approval after a hearing.
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