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New Delhi, The inter-ministerial board of approval, on request of a developer of an IT/ITeS sector special economic zone, can permit demarcation of non-processing area of that zone, according to an official notification. The inter-ministerial Board of Approval is the highest decision making body on <keyword id="69055" type="General" weightage="20" keywordseo="special-economic-zones" source="Orion">special economic zones</keyword> (SEZs). It is chaired by the commerce secretary. The <keyword id="6365809" type="General" weightage="20" keywordseo="commerce-ministry" source="Orion">commerce ministry</keyword>'s notification said that a non-processing area under such SEZs can be used for setting up and operation of businesses engaged in Information Technology (IT) or Information Technology Enabled services (ITeS) sector. For this, the ministry has amended the Special Economic Zones (Fifth Amendment) Rules, 2023. Inserting a new rule, the notification said: "...the Board of Approval, on request of a developer of an IT or ITeS SEZs, may permit demarcation of a portion of the built-up area of an IT or ITeS SEZ as a non-processing area of the IT or ITeS SEZ to be called a non-processing area." In the processing area, units are located for manufacturing of goods or rendering of services. Non-processing areas are where supporting infrastructure is created. It also said that the board would permit the demarcation "only" after repayment, without interest, by the developer. "Demarcation of a non-processing area shall not be allowed if it results in decreasing the processing area to less than fifty per cent of the total area...," it added. The notification also said that the businesses engaged in these zones in a non-processing area would not avail any rights or facilities available to SEZ units. It added that no tax benefits shall be available on operation and maintenance of common infrastructure and facilities of such an IT/ITeS zone. Welcoming the move, Sanjay Dutt, MD &amp; CEO, <keyword id="672851" type="General" weightage="50" keywordseo="tata-realty-and-infrastructure-ltd" source="Orion">Tata Realty and Infrastructure Ltd</keyword>, said that this revised policy not only facilitates the expansion of companies' office spaces but also extends the benefits of SEZ areas to non-SEZ entities. "It's a proactive move by the government, optimizing the utilization of real estate resources," he said, adding, "presently, the country boasts around 170 million square feet of ready IT SEZ office space in the top 6 cities, with nearly 20 per cent (over 30 million square feet) lying vacant. Additionally, about 10 million square feet of SEZ spaces are under construction and set to be completed within the next 2 years."

Inter-ministerial approval board can permit demarcation of non-processing area under IT sector SEZs

New Delhi, Mar 6 () The government has approved the proposals of software firm TCS and realty major DLF to set up special economic zones (SEZs) for IT sector in Haryana and Uttar Pradesh. The approval was given by the Board of Approval, the highest decision-making body for SEZs, in its meeting on February 26 here. The inter-ministerial body is chaired by the commerce secretary. TCS has proposed to set up an IT/ITeS SEZ in Noida, Uttar Pradesh, on 19.9 hectares land. The total proposed investment for the project is Rs 2,433.72 crore. "The board, after deliberations, approved the proposal for setting up of sector specific SEZ for IT/ITeS at Noida over an area of 19.9 hectare," according to the minutes of the board meeting. Similarly, the two proposals of DLF also received nod from the board. DLF has proposed to set up two SEZs in Haryana. The proposed investments for these projects are Rs 793.95 crore and Rs 761.54 crore. However, the board said that the approval for DLF is "subject to the condition that the letter of approval for setting up of units would be issued only after the requirement of contiguity of the SEZ is fulfilled by the developer as per the relevant rules and instructions" SEZs are major export hubs in the country as the government provides several incentives and single-window clearance system. As on November 14, 2019, the government has approved 417 such zones in the country. Out of this, 238 zones are operational. Exports from these zones grew by about 14.5 per cent to Rs 3.82 lakh crore in April-September 2019-20. It was Rs 7.02 lakh crore in entire 2018-19 financial year. RR ANSANSANS

Govt approves TCS, DLF proposals to set up SEZs

Chennai, Feb 25 (): J Matadee Free Trade Zone Pvt Ltdon Tuesday said duty tariffs must be levied based on 'DutyForegone Principle' as it would enable high manufacturingefficiencies.Though special economic zones were treated as foreignterritory for the purpose of law, supply of goods manufacturedby SEZs to domestic tariff area customers was subjected tofull tariff, including local content value additions, chairmanof J Matadee Free Trade Zone Sunil Rallan said in a pressstatement here.    Duty must be levied based on 'Duty Foregone Principle', itsaid.    "This will enable very high manufacturing efficiencies tobe achieved if new units can achieve economies of scale withaccess to both Indian markets as well as exports," he wasquoted as saying in the statement.    Noting that Domestic Tariff Area (DTA) customers makepayments for their imports through regular banking channels,he said, "The same products are not encouraged for supply bySEZ units to DTA customers".    "The payments made by DTA customers are not considered asbeing compliant with SEZ rules. This defeats the Make in Indiapolicy as imports are being encouraged over Indianmanufacturing," he said.    India has signed Free trade agreements with countries likeSri Lanka, Japan, South Korea, and ASEAN (Association ofSouth-East Asian Nations).    "For many of the FTA partner countries, India exempts orallows concessional rate of customs duties on listedproducts", he said.  VIJNVG   NVG

J Matadee Free Trade Zone calls for policy amendments

New Delhi, Mar 18 () India is under no obligation to implement the recommendations of the WTO's dispute panel on its export promotion schemes, which was challenged by the US, as new Delhi has appealed against that order at the higher level, Parliament was informed on Wednesday. A dispute settlement panel of World Trade Organization (WTO) in its report issued to members on 31 October 2019 has ruled that India's export-related schemes (including SEZ scheme) are in the nature of prohibited subsidies under the Agreement on Subsidies and Countervailing Measures and are inconsistent with WTO norms. The panel has given a time-frame of 180 days for withdrawal of Special Economic Zone (SEZ) scheme. India has appealed at the WTO's appellate body against this ruling. "Due to non-functioning of appellate body (of the WTO's dispute settle mechanism), the appeal has been kept in suspension. Till the appeal is disposed of, India is under no obligation to implement the recommendations of panel," Commerce and Industry Minister Piyush Goyal said in a written reply to the Lok Sabha. In a separate reply, the minister informed Parliament that India is involved in 15 trade disputes, mostly against the US, at the WTO at present. "Currently, India is involved in 15 disputes at the WTO, in which it is complainant in 4 and respondent in 11," he said. The disputes where India is a complaining party are countervailing duty by the US on Indian steel products; measures by America concerning non-immigrant visas; renewable energy programmes of the US; and import duties imposed on steel and aluminium products by America. WTO disputes where India is a responding party include prohibition by India on import of poultry and poultry products filed by the US, and import duties on certain information and communication technology goods filed by the EU, Japan and Taiwan. RR ANSANS

India under no obligation to implement WTO's dispute panel recommendations on export schemes: Goyal

Chennai, May 2 () Following the Centre's freshguidelines on COVID-19 lockdown, the Tamil Nadu government onSaturday eased restrictions in non-containment areas andallowed resumption of construction activity, road works,opening of SEZs ,among others, from May 4.The cabinet gave its nod to the extension of thelockdown till May 17 and issued new guidelines to be followedduring the third phase.While ruling out any relaxation in rules in thecoronavirus containment zones, the Cabinet meeting chaired byChief Minister K Palaniswami said it permitted certainactivities in the non-containment zones.They include: Resumption of construction activity,road works, opening of SEZs, export units with minimum of 20employees or 25 per cent of staff strength.IT or ITES firms can function with minimum of 20employees or 10 per cent staff strength, the new guidelinessaid.Also, grocery shops selling essential commodities canfunction between 6 am and 5 pm and restaurants (only fortakeaways) between 6 am and 9 pm.The functioning of saloons or beauty parlours isprohibited while service providers such as plumbers,electricians, AC mechanics and tailors can work. These comewith a rider - all these activities are permitted in areasoutside the containment zones.Regarding non-containment zones in rest of Tamil Nadu,in the zones falling under municipal corporations andmunicipalities, the Cabinet has permitted re-opening of allfactories including textile mills with 50 per cent of staffstrength (minimum of 20 employees).In town panchayats with over 15,000 population, thetextile mills can function with 50 per cent staff strengthafter obtaining clearance from the district Collectors.SEZ, EOU, industrial estates / clusters in rural andurban areas can work with 50 per cent staff strength. Nopermission has been granted to textile mills located inindustrial estates ofurban areas.Collectors have been authorised to decide onre-opening of export units in urban areas with 50 per centstaff strength and units of designing and production ofsamples for exporting garment and leather products with 30 percent staff strength.The Cabinet permitted re-opening of hardwaremanufacturing firms with 50 per cent staff strength besidesspinning mills in rural areas with an equal staff strength.Shops, selling materials for infrastructure industryand repair shops for mobile phones and computers, can be keptopen from 9 am to 5 pm.The first phase lockdown in India was from March 25 toApril 14. The second phase commenced on April 15 and would endtomorrow. The third phase lockdown is from May 4 to 17.Chennai is among the Red Zones owing to the highnumber of COVID-19 cases and tight restrictions are in place.Chennai has 1,081 cases (till Friday) and the stateaccounts for about 198 containment zones and 5 clusters havealso been identified in the city. COR VGN SS BNWELCOME BNWELCOME

Lockdown: TN govt eases restrictions in non-containment areas

New Delhi, Nov 20 () India has appealed against a ruling of the WTO's dispute settlement panel, which held that certain provisions of the domestic export incentive initiatives are inconsistent with global trade norms, an official said.
 The dispute was filed by the US, which has challenged five such initiatives namely Merchandise Export from India Scheme (MEIS), Export Oriented Units (EOU), Electronics Hardware Technology Parks (EHTP), Special Economic Zone (SEZ) and Export Promotion Capital Goods (EPCG).
 The US asserted that these initiatives harm its companies by creating an uneven playing field.
 A report by the dispute settlement panel found that these schemes were in violation of the WTO agreements for providing prohibited export subsidies.
 "India has filed an appeal against the panel's report, which was released on October 31," the official said.
 The plea was made in the appellate body of the World Trade Organisation's (WTO) dispute settlement mechanism.
 The US has dragged India to the WTO under Article 27 of the organisation's Agreement on Subsidies and Countervailing Measures (SCM), which also provides for special and differential treatment to developing countries like India.
 At the time when the agreement came into force, developing countries with over USD 1,000 per capita gross national income (GNI) were provided a period of eight years to bring down their export subsidies.
 India said the WTO informed the country only in 2017 that it has crossed this threshold and hence should get the eight-year period from 2017 to cut its export subsidies.
 India has contested that it should be given an eight-year phase-out period as was available to other developing countries.
 The official said India has requested the appellate body to look at the negotiation history of the SCM agreement, wherein it was decided that countries like India will get a phase-out period for the alleged export subsidies when their GNP reaches the pre-determined threshold.
 India has also challenged the panel's ruling with respect to each of the five schemes challenged by the US.
 "The country argues that the panel erred in its ruling to find these schemes as export subsidies. India has stated that the EOU scheme ensures all imported goods are consumed in the production of exported products, and therefore, cannot be deemed as a subsidy," the official added.
 It has also emphasised that capital goods imported under the EPCG scheme are also used for the manufacture of exported products, and therefore, consumed in the production of exported product.
 On SEZ, it has appealed that the scheme does not mandate export performance, and therefore, cannot be found against the the SCM agreement.
 "India is hopeful that the appellate body will reverse the errors made by the panel in their ruling," the official said.
 According to trade experts, the ruling if implemented would impact India's exports and the government will have to immediately work on alternatives.
 "We need to immediately work on new schemes, which are WTO compatible," Rafeeq Ahmed, Chairman of Farida Group, said. RR ANU
ANU

India appeals against WTO panel ruling on export incentive schemes

New Delhi, Apr 21 () PI Industries on Tuesday said it will continue partial operation of its plants located at Panoli and Jambusar in Sterling SEZ, Gujarat, to ensure supply of crop protection products during the lockdown. In a regulatory filing, the company also said it expects that "all its manufacturing plants would be operational once the lockdown period is over on May 3 or such other date as per the directives issued by the Government of India from time to time". Manufacturing of crop protection products has been exempted from the lockdown rules. PI Industries said the activities at the company's manufacturing plants are being carried out with all safety, security and other measures as required by the government and health advisories. However, the company's personnel based at its offices located at Gurugram and Udaipur are working from home and providing the required support to other functions including the plant, it said. The situation will continue to be closely monitored and appropriate actions initiated which will also be communicated at the appropriate time as required, it added. LUX HRS

PI Industries to continue partial operation during lockdown

<ul><li><keyword id="7681538" type="UNKNOWN" weightage="20" keywordseo="Tech-Mahindra-CFO">Tech Mahindra CFO</keyword> <keyword id="388883" type="PERSON" weightage="20" keywordseo="Manoj-Bhat">Manoj Bhat</keyword> is happy with the budget but feels more could have been done to address the needs of the IT services industry specifically.</li><li>Taxation, for instance, could have been simplified to ease the cost of doing business across multiple geographies.</li><li>Since the IT services industry has been a huge job creator in India, it would also have been helpful if there were more incentives for employment generation.</li></ul>India’s latest budget did acknowledge the role of technology in economic revival. For instance, the government plans to introduce e-courts for faster resolution of disputes. It also earmarked ₹1,500 crore to dole our financial incentives for digital transactions. However, what the IT services players in India, like <keyword id="43217" type="CITY" weightage="20" keywordseo="Tech-Mahindra">Tech Mahindra</keyword>, HCL Technologies, Infosys, Wipro and Tata Consultancy Services (TCS), wanted to see was some relief on taxes and incentives for job creation. “I think the government has come up with a budget that is investment oriented. In a lot of ways that ticks a lot of the boxes. But, specifically for IT services, there’s nothing there,” Tech Mahindra CFO, Manoj Bhat told Business Insider in an exclusive interview. Taxation is getting more complicated world over The industry lobby, NASSCOM, hoped for some clarity on the tax framework with more employees working from home — a trend that many companies plan to stick to in some form or the other in the long run. “As companies like us become larger and operate in so many countries, helping us work through some easier tax situations esp in international context whether its around transfer pricing or some of the other laws that are coming through would have been nice,” said Bhat. Transfer pricing relates to the prices charged by different entities — located in different jurisdictions — for goods and services. The tax rules related to transfer pricing are complex. Governments, in India and abroad, are becoming increasingly proactive in scrutinising transfer pricing policies and practices. The IT services industries is a big job creator At a time when the Indian economy needs a demand boost, Tech Mahindra’s CFO also believes that the budget could have done with adding some incentives for job creation. “That’s something they should consider perhaps in terms of continuing some of the benefits that were offered in the past few years that are no longer there,” said Bhat. In the past, the sector has been a huge boon for creating new opportunities and helping the economy grow. NASSCOM estimates that the $200 billion industry created over 200,000 new jobs in 2019 — a year that saw massive unemployment in India. “We require WFH to be enabled in SEZs (Special Economic Zones on a long-term basis. Since this requires movement of duty-free goods like laptops etc outside the SEZs, the Finance Ministry should provide the requisite clarifications under Customs and GST,” said NASSCOM in their pre-budget expectations. Even though bigger players can do without the incentives, smaller and upcoming IT companies would have welcomed the relief. The demand for talent is also on the rise as businesses that were once hesitant about going digital are bringing up their timelines to ensure that their customers can still reach them even if stepping out of the house isn’t an option. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/markets/news/india-becomes-the-first-asian-country-allow-small-investors-to-directly-lend-to-the-government/articleshow/80701417.cms">India becomes the first Asian country to allow small investors to directly lend to the government</a> <a href="https://www.businessinsider.in/science/space/news/isro-will-transform-in-2021-as-india-pumps-big-money-to-draw-in-startups-for-the-second-space-age/articleshow/80683054.cms">ISRO will transform in 2021 as India pumps big money to draw in startups for the 'second space age'</a> <a href="https://www.businessinsider.in/politics/news/new-citizenship-law-pulls-india-down-in-the-democracy-rankings-and-2021-is-not-looking-better/articleshow/80671194.cms">New citizenship law pulls India down in the democracy rankings — and 2021 is not looking better</a>

INTERVIEW: Two things on Tech Mahindra CFO’s wishlist for the Budget 2021-22 that were left unaddressed

<div class="image-container float_right"><div class="image">Reuters/China Daily</div></div>There is a lot of chatter surrounding the Shanghai Free Trade Experiment Zone that is set to open on September 27.
The zone is being set up to allow for renminbi convertibility, tax-free trade environment, and fewer restrictions on foreign direct investment.
While specifics on the <keyword id="1737420" type="UNKNOWN" weightage="60" keywordseo="Shanghai-Free-Trade-Zone">Shanghai free trade zone</keyword> aren't clear yet, Stephen Green at Standard Chartered points out these key characteristics of the zone:
<ul>
<li>FDI - The current foreign direct investment (FDI) regulation will be suspended for the zone. Basically, "licence approvals will be easier, the scope of business restraints should be relaxed, and full foreign ownership will be allowed in more sectors than currently permitted," according to Green.</li>
<li>Taxes - "The <keyword id="1334" type="COUNTRY" weightage="60" keywordseo="China">China</keyword> (Shanghai) Free Trade Experiment Zone (CSFTEZ) could allow duty-free imports and re-exports."</li>
<li>Services - The zone could have schools and hospitals. Unlike the special economic zones (SEZs) which had manufacturing services, the CSFTEZ will also include financial services. </li>
<li>Convertibility - Officials are considering allowing free convertibility of the renminbi in the free trade zone. "On the one hand, if the authorities restrict the companies to conduct all their business only within the zone, the impact will be very small. On the other hand, if the freed-up financial services within the zone are accessible to any firm in China that merely sets up a representative office in the zone, China would basically have opened up its capital account."</li>
</ul>
The zone is 29 sq kms and spans Shanghai Pudong - including the Waigaoqiao Free Trade Zone, the Yangshan port, the Pudong Airport area and the Waigaoqiao Logistics Bonded Zone.
The zone will be overseen by the State Council. Shanghai's Vice Mayor Ai Baojun was named head of the zone, his background in the steel industry has Green thinking that the zone could focus more on industry and trade, over finances.
But these zones won't be the major driver of the reform that China needs, according to Green.
"Many other cities may well set up zones over time, and a patchwork of zones with liberal business regulation, more open investment rules, and freer Chinese yuan (CNY) convertibility would definitely be a good thing.
"However, we are yet to be convinced that such zones will be the primary driver of reform in China. Their expansion will take time, their scale will be small compared to the broader economy, and it is unlikely that the zones will have a big impact on activity outside of them. Moreover, it is worth bearing in mind that the PBoC has a clear plan to open up the capital account, for example, for the whole country in the next 5-10 years (cross- border lending, for instance, is rapidly being expanded) and that Premier Li has made simplifying and eliminating regulation countrywide one of the priorities of his administration."
Of course opening up the capital account brings the risk of capital outflows, one of the major reason's China has been slow to liberalize.

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Inter-ministerial approval board can permit demarcation of non-processing area under IT sector SEZs

PTI

Govt approves TCS, DLF proposals to set up SEZs

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J Matadee Free Trade Zone calls for policy amendments

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India under no obligation to implement WTO's dispute panel recommendations on export schemes: Goyal

PTI

Lockdown: TN govt eases restrictions in non-containment areas

PTI

India appeals against WTO panel ruling on export incentive schemes

PTI

PI Industries to continue partial operation during lockdown

PTI

INTERVIEW: Two things on Tech Mahindra CFO’s wishlist for the Budget 2021-22 that were left unaddressed

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China Is About To Open A New 'Free Trade Zone' And People Are Excited That It Could Lift The Economy

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