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The Special Economic Zones Act was passed by the Indian Parliament in 2005 and the Act came into force in
1. 2006
2. 2009
3. 2014
4. 2016

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Correct Answer - Option 1 : 2006

The correct answer is 2006.

  • The SEZ Act, 2005, supported by SEZ Rules, came into effect on 10th February, 2006, providing for drastic simplification of procedures and for single window clearance on matters relating to central as well as state governments.

  • The main objectives of the SEZ Scheme are:
    • Generation of additional economic activity.
    • Promotion of exports of goods and services.
    • Promotion of investment from domestic and foreign sources.
    • Creation of employment opportunities.
    • Development of infrastructure facilities.
  • SEZs in India was announced by the government in March 2000.
  • It provides a stable economic environment for the promotion of Export-import of goods in a quick, efficient, and hassle-free manner.
  • Facilities and incentives for SEZs:
    • Duty-free import/domestic procurement of goods for development, operation, and maintenance of SEZ units.
    • Exemption from Minimum Alternate Tax (MAT).
    • Income tax exemption on export income for SEZ units under the Income Tax Act for the first 5 years, 50% for the next 5 years thereafter, and 50% of the plowed back export profit for the next 5 years.
    • Single window clearance for Central and State level approvals.
    • In the manufacturing sector, barring a few segments, 100% FDI is allowed.

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