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of <h1>SEZ Developers Must Monitor Bond Undertakings Quarterly or Yearly u/r 22(1)(iv) to Avoid Shortfalls.</h1> The circular from the Ministry of Commerce & Industry provides clarification on the execution of Bond Undertakings by SEZ Developers or Units under Rule 22(1)(iv) of the SEZ Rules, 2006. It specifies that developers or units must monitor their Bond-cum-Legal Undertakings quarterly or yearly based on progress reports and submit additional bonds if there is a shortfall. Developers or units can also execute Bond-cum-Legal Undertakings for longer periods, such as one or five years, to avoid frequent monitoring. The responsibility for maintaining sufficient bond balance lies with the developer or unit.
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