TaxTMI 
TaxTMI 
Letter of Approval to a Unit
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....ual export and Net Foreign Exchange Earning for the first five years of operations, limitations, if any on Domestic Tariff Area sale of finished goods, by-products and rejects and other terms and conditions, if any, stipulated by the Board or Approval Committee: ^3[Provided that the Approval Committee may also approve proposals for broad-banding, diversification, enhancement of capacity of production, change in the items of manufacture or service activity, if it meets the requirements of rule 18: Provided further that no such approval shall be granted by the Approval Committee in those cases which fall within the competence of the Board of Approval: ^5[Provided also that, subject to the provisions of rule 74A] the Approval Committe....
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.... further extension may be granted by the Development Commissioner for valid reasons to be recorded in writing for a further period not exceeding two years: Provided further that the Development Commissioner may grant further extension of one year subject to the condition that two-thirds of activities including construction, relating to the setting up of the Unit is complete and a chartered engineer's certificate to this effect is submitted by the entrepreneur. ^4[Provided also that the Board of approval may, upon a request in writing by the entrepreneur, and after being satisfied that it is necessary and expedient so to do grant further extension for a further period not exceeding one year, at a time.] (5) If the Unit has not c....
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....non-compliance of the procedures specified in clause (1), the Letter of Approval shall not be considered for renewal. (3) the Development Commissioner may renew the Letter of Approval for a period of five years or for a shorter period, in form F 2, based on the evaluation of the Unit as per sub-rule (6B): ^11[(6B) The process of renewal of Letter of Approval shall take into account the efforts made and the results achieved or status of the following criteria, namely:- (i) Export performance of the Unit in the last block. (ii) Employment generated. (iii) Instance of violation of applicable statutes related to the functioning of the Unit. (iv) Cases of default, if any, of statutory payments. ....
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.... "Provided that foreign companies can also set up manufacturing units as their branch operations in the Special Economic Zones in accordance with the provisions of Foreign Exchange Management (Foreign exchange derivatives contracts) Regulations, 2000." 3. Substituted vide notification no. S.O. 1293 (E) dated 20-5-2009, earlier it was read as: "^1[Provided that no such approval shall be granted by the Approval Committee in those cases which fall within the competence of the Board of Approval;] Provided further that the Approval Committee may also approve change of the entrepreneur of an approved unit, if the incoming entrepreneur undertakes to take over the assets and liabilities of the existing Unit" 4. Ins....