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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

<keyword id="895682" type="General" weightage="20" keywordseo="adani-ports" source="Orion">Adani Ports</keyword> and Special Economic Zone (APSEZ) on Tuesday raised Rs 500 crore by issuing non-convertible debentures on private placement basis. Billionaire Gautam Adani's firm in a regulatory filing said it has accepted bids aggregating to Rs 500 crore for two listed <keyword id="35147" type="General" weightage="20" keywordseo="bonds" source="Orion">bonds</keyword>, with one maturing in five years and the other in 10 years. "The company raised Rs 500 crore today i.e. January 9, 2024 by allotment of 50,000 rated, secured, listed, redeemable, non-convertible debentures (<keyword id="92012" type="General" weightage="20" keywordseo="ncds" source="Orion">NCDs</keyword>) of face value of Rs 1,00,000/ each on private placement basis," it said. The NCDs will be listed on the wholesale debt market segment of BSE. APSEZ is the largest port developer and operator in India with 7 strategically located ports and <keyword id="6486550" type="General" weightage="20" keywordseo="terminals" source="Orion">terminals</keyword> on the west coast and as many ports and terminals on the east coast, representing 26 per cent of the country's total port volumes.

Adani Ports raises Rs 500 crore by issuing bonds

Engineering, manufacturing and technology led the <keyword id="1039552" type="General" weightage="20" keywordseo="office-space-absorption" source="Orion">office space absorption</keyword> levels in <keyword id="12864" type="General" weightage="20" keywordseo="chennai" source="Orion">Chennai</keyword> as it grew by 107% between April and June 2023 period, a study undertaken by <keyword id="897106" type="General" weightage="20" keywordseo="cbre-south-asia" source="Orion">CBRE South Asia</keyword> Pvt Ltd said on Friday. Accordingly, the absorption level of office space stood at 2.5 million square feet space between April and June 2023 while it was 1.2 million sq ft during the same period of last financial year in the capital. Engineering and manufacturing together accounted for 45 % of office space, followed by technology 18 % and flexible office space operators at 16 % while remaining was contributed by other sectors. The majority of the office space absorption was small-size (less than 50,000 sq ft) deals, the study said. At the pan-India level during the April-June 2023 period, <keyword id="6861353" type="General" weightage="20" keywordseo="office-space-supply" source="Orion">office space supply</keyword> grew by 6 % and Hyderabad, Bengaluru, and Chennai accounted for the majority of the absorption levels. The non-Special Economic Zone (<keyword id="45393" type="General" weightage="20" keywordseo="sez" source="Orion">SEZ</keyword>) segment continued to dominate development completions during April-June 2023 period while SEZ segment accounted for 24 % of the new developments. Key transactions recorded in the city during April-June 2023 period include Agilysys which leased 181,800 sq ft in Ramanujan IT park, IndiQube leased 1,65,000 sq ft in Alpine and Cholamandalam Finance leased 80,000 sq ft in Tamarai Technology Park, the study said.

Office space supply up 6% in April-June 2023 led by Hyderabad, Bengaluru & Chennai: CBRE report

The Covid-induced work from home (<keyword id="1384155" type="COMPANY" weightage="20" keywordseo="WFH">WFH</keyword>) norms at workplaces has presented special challenges even for the government to mould tax regulations that take note of the new norm. One such issue is coming in the IT and ITeS sectors, who have become the flagbearers of country's resilience to the pandemic, growing both their operations and revenues even during the current difficult period. The pandemic-induced WFH has created doubts over continuation of income tax holiday extended to IT and <keyword id="10650622" type="UNKNOWN" weightage="20" keywordseo="ites-units-operation">ITeS units operation</keyword> from <keyword id="69055" type="COMPANY" weightage="20" keywordseo="Special-Economic-Zones">Special Economic Zones</keyword> (<keyword id="45393" type="COMPANY" weightage="20" keywordseo="SEZ">SEZ</keyword>) as the current functioning of staff is akin to employees delivering services virtually from their home location and not from the SEZs. "There is a need to clarify, whether services delivered by employees of SEZ-based IT-ITeS units, virtually from their home location, shall be eligible for income-tax holiday. This would not only ensure that future litigation is minimised but also provide some elbow room to the sector to drive higher operational efficiencies," said Naveen Aggarwal, Partner, Tax, KPMG in India. While the tax officials said that this issue should not be a concern as the department is constantly working to see that pandemic-induced disruptions do not impact functioning of businesses, sources said that a clarification over treatment of services rendered from work from home in case of IT and ITeS companies may come in Budget 2021-22. This would provide big relief to companies operating in the sector where WFH had almost acquired levels of permanency. Some organisations have announced long term plans on WFH while a few have already made this arrangement permanent. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/new-realme-stores-in-india-and-ceo-says-there-is-plan-for-new-devices/articleshow/80443801.cms" data-type="tilCustomLink">Realme plans to open 500 new stores in 2021⁠— the CEO reveals the company will go beyond smartphones in the 5G era</a> <a href="https://www.businessinsider.in/budget/news/indias-co-working-sector-wants-recognition-under-real-estate-tax-benefits-as-flexible-workspaces-aim-for-a-significant-revival-in-the-post-covid-era/articleshow/80431768.cms" data-type="tilCustomLink">India’s co-working sector wants recognition under real estate, tax benefits as flexible workspaces aim for a significant revival in the post-COVID era</a>

WFH induced tax challenges a burden for India's IT cos, analysts seek clarification in Budget 2021

The newest recommendation by <a href="http://www.dgtr.gov.in/sites/default/files/Solar-Final_Finding-English.pdf">India’s Directorate General of Trade Remedies (DGTR)</a> has stated that a 25% <keyword id="720164" type="PERSON" weightage="20" keywordseo="safeguard-duty">safeguard duty</keyword> should be implemented on solar cells that come into the country from China and Malaysia. The request actually came in from the domestic industry. Stakeholders from the industry say that without at least an interim safeguard duty in place to protect the manufacturers, there would be ‘irreparable damage’. Concerns The conclusions published by the <keyword id="911840" type="PERSON" weightage="20" keywordseo="DGTR">DGTR</keyword> were ascertained after analysing the interests and submissions from over 200 entities. The primary concern was that a blanket safeguard duty is against the interests of the indigenous manufacturers who operate out of <keyword id="69055" type="ORGANIZATION" weightage="20" keywordseo="Special-Economic-Zones">Special Economic Zones</keyword> (<keyword id="68447" type="COMPANY" weightage="20" keywordseo="SEZs">SEZs</keyword>). According to the concerned parties, since 60% of solar cell and 40% of the module manufacturing facilities fall under SEZs. A safeguard duty would actually be counterproductive because SEZs are essentially treated as duty-free zones and foreign territory for trade. The official statistics from the Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/manufactures-suppliers-systems">MNRE</a>) suggest, there are only 20 manufacturers of solar cells and 117 manufacturers of solar modules in <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>. Considering that the country’s government is aiming to install 100 gigawatts (GW) of solar power grids by 2022, the current domestic industry only needs 10% of the annual demand. Therefore, though the domestic industry may benefit in the short run, in the long run the measure can potentially create a demand-supply gap. The opposition states that rather than an influx of imports, the domestic industry is lagging because there is no manufacturing base for polysilicon, ingots and wafers. This leads to a lack of setup, absence of economies of scale and obsolete technologies. Justification According to the DGTR’s conclusions, there has been a significant increase in imports, in absolute terms and also relative to domestic production. Over 2014-15 and 2017-18, market share and profitability have slipped and imports have consistently increased. But keeping the concerns of everyone in mind, the safeguard duty will also be rolled back in a phased manner. 
	<div type="image" title="Safeguard Duty Recommendations" msid="65041698" hostid="261"></div>



 Since, the imports from other nations don’t exceed 3% individually and 9% collectively, the safeguard duty is also only specific to imports coming from China and Malaysia.

India’s government may offer the domestic solar manufacturing industry some protection

<keyword id="6356847" type="COMPANY" weightage="20" keywordseo="gandhinagar">Gandhinagar</keyword>, The <keyword id="6370685" type="UNKNOWN" weightage="20" keywordseo="Gujarat-government">Gujarat government</keyword> on Friday signed a Memorandum of Understanding (MoU) with the private infrastructure company, <keyword id="10640651" type="UNKNOWN" weightage="20" keywordseo="Adani-Port-SEZ-ltd">Adani Port &amp; SEZ Ltd</keyword>., to setup the country's largest multi-modal <keyword id="406927" type="PERSON" weightage="20" keywordseo="logistics-park">logistics park</keyword> at Sanand with an estimated investment of ₹50,000 crore. The proposed 1,450 acre park will have a dedicated air cargo complex with 4.6 km long runway to handle even large sized cargo aircraft and will offer direct air, rail and road connectivity. It will also have a provision of direct rail connectivity with dedicated freight corridor which is part of the Delhi-Mumbai Industrial Corridor (DMIC). It will have potential to generate direct and indirect employment for 25,000 persons. According to the state government, the project will be completed in a phased manner in three years as the work will commence within six months after obtaining required clearances and permissions. There will be a 90 lakh sq ft warehouse zone with facilities such as air freight station, grade-A warehouse, cold storage among others in the park. The warehouse will have 38 lakh sq ft space for textile, bulk, e-commerce, nine lakh sq ft space for bonder warehouse, four lakh grade-A palatized facility and 60,000 temperature controlled palletized facility. Against 3.3 lakh capacity, a container yard in this park will have four handling lines with TEU (twenty ft equivalents). The park will have three lakh square feet of space for business and skill development centre. The Central government has sanctioned ₹2 lakh crore for setting up of multi-modal mega logistics parks in 34 cities of the country. Cities like Vijayawada, Chennai, Nagpur, Bengaluru, Surat, Hyderabad and Gauhati are selected among others. Six cities of Gujarat are selected, Ahmedabad, Vadodara, Surat,Bharuch, Valsad and Kandla, where these projects will be set up on a Public Private Partnership (PPP) model. 60 per cent of the cargo in the country is transferred via road. The transportation cost is 14% of the GDP in the country, which the Central government wants to bring down to 7%. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/youtube-starts-rolling-out-hashtag-landing-pages-heres-how-you-can-use-it/articleshow/80401578.cms">YouTube starts rolling out hashtag landing pages⁠— here’s how you can use it</a> <a href="https://www.businessinsider.in/stock-market/news/heres-how-indians-are-buying-tesla-facebook-and-apple-shares-through-brokerage-startups/articleshow/80403004.cms">Here’s how Indians are buying Tesla, Facebook, and Apple shares through brokerage startups</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-of-indian-railway-finance-corporation-irfc-ipo/articleshow/80406208.cms">Indian Railway Finance Corporation IPO allotment: Here’s how to check share allotment status</a>

Gujarat government signs pact with Adani Port to setup largest multi-modal logistics park

<ul><li><keyword id="895682" type="COMPANY" weightage="20" keywordseo="Adani-Ports">Adani Ports</keyword>’ share price continued its upward rally, hitting a 52-week high as analysts gave it a thumbs up.</li><li>Adani Ports is India’s largest private multi-port operator and is a part of the Adani Group.</li><li>Adani Ports acquired <keyword id="487749" type="COMPANY" weightage="20" keywordseo="Krishnapatnam-port">Krishnapatnam Port</keyword> (<keyword id="117191" type="ORGANIZATION" weightage="20" keywordseo="KPCL">KPCL</keyword>) in October at an enterprise value of ₹12,000 crore.</li><li>Analysts expect a yield of up to three times from the KPCL asset.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul>Shares of Adani Ports and Special Economic Zone hit a 52-week high as the largest private multi-port operator received a thumbs up from analysts. The <keyword id="6503313" type="UNKNOWN" weightage="20" keywordseo="Adani-Ports-share-price">Adani Ports share price</keyword> was up nearly 4% around 1 pm on December 7, continuing the stock’s upward rally over the last one month. Brokerages are bullish on the <keyword id="10323820" type="UNKNOWN" weightage="20" keywordseo="Adani-Ports-stock">Adani Ports stock</keyword>, expecting a faster-than-expected turnaround in the Krishnapatnam Port (KPCL) acquisition. <div type="image" title="Adani Ports share price" msid="79605225" hostid="261" caption="&amp;lt;p&amp;gt;Adani Ports share price&amp;lt;/p&amp;gt;"></div> Adani Ports had completed the acquisition of Krishnapatnam Port at an enterprise value of ₹12,000 crore in October this year. Adani Ports has improved the margins from 58.1% last year to 68.1% this year. This was achieved thanks to price hikes and improved operational efficiencies, as noted by the company in a recent analyst meet. <div type="Article" hostid="261" msid="78489124" title="Adani Ports completes ₹12,000 crore acquisition of Krishnapatnam Port Company" mstype="2" mssubtype="0"></div> The Krishnapatnam boost Analysts at Kotak Institutional Equities expect a yield of 3 times of the invested value from the KPCL asset. The report further states ‘unbridled growth prospects’ lie ahead for Adani Ports from this investment. “Adani Ports has turned around its Krishnapatnam acquisition significantly ahead of our previous estimates, leading to an earnings upgrade,” Nomura India analyst Priyankar Biswas said in a note, according to a BloombergQuint <a href="https://www.bloombergquint.com/markets/this-caused-adani-ports-stock-to-hit-a-record-high">report</a>. The note issued by Jefferies observes that Krishnapatnam Port’s margins rose to 68% in the first six months of the financial year 2020-21. “Adani Ports showcased the management focus to improve Krishnapatnam Port’s (KPTL) margins from the current 68 percent to 80 percent by FY25E. KPCL is a value-accretive acquisition with 26 percent equity IRR even on our conservative 73 percent FY25E margin estimate,” Jefferies said, according to a CNBCTV18 <a href="https://www.cnbctv18.com/market/stocks/adani-ports-hits-52-week-high-on-bullish-brokerage-calls-7661051.htm">report</a>. Brokerages raise target price In a recently held analyst meet, Adani Ports stated that it has undertaken various measures to improve operational efficiencies, and re-negotiated tariffs with key customers, according to a Times Now <a href="https://www.timesnownews.com/videos/et-now/markets/adani-ports-krishnapatnam-port-turnaround-faster-than-estimates/82981">report</a>. As a result, various brokerages have revised their target prices upward, with an upswing of up to 15% to the Adani Ports share price. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#000000;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#000000;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Target Price </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#000000;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Upside </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">CLSA </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹540 </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Nomura </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹530 </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">13% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Jefferies </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹525 </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">12% </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Kotak Institutional Equities </td><td style="border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">₹495 </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">6% </td></tr></tbody></table> Source: Brokerages, MoneyControl Note: Upswing calculated based on share price as at 1 pm, December 7, 2020. SEE ALSO: <a href="https://www.businessinsider.in/business/news/adani-ports-completes-12000-crore-acquisition-of-krishnapatnam-port-company/articleshow/78489124.cms">Adani Ports completes ₹12,000 crore acquisition of Krishnapatnam Port Company</a> <a href="https://www.businessinsider.in/business/news/adani-ports-lands-900-crore-through-non-convertible-debentures/articleshow/78058955.cms">Adani Ports lands ₹900 crore through non-convertible debentures</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-10-billion-ipo-will-double-walmart-investment-within-3-years/articleshow/79601513.cms">Flipkart’s reported $10 billion IPO plan will mean Walmart’s investment in the Indian e-commerce giant will double within 3 years</a>

Adani Ports is making 68% margin from one of its ports – the stock has doubled since lockdown

Hyderabad, Mar 13 ( ) Budget carrier SpiceJet on Friday announced signing of a pact with GMR Hyderabad Aviation SEZ Limited (GHASL) for setting up a warehousing, distribution and trading facility in the airport operator's aerospace and industrial park. GAHSL is a fully-owned subsidiary of GMR Hyderabad International Airport Ltd (GHIAL). The facility, to be intially spread over in 33,000 sq feet area, will come up within the Free Trade Warehousing Zone of multi-product special economic zone (SEZ), SpiceJet said in a release. It may be further expanded to 1,00,000 sq ft based on demand, it said. GMR Aerospace and Industrial Park is housed in Hyderabad Airport City. The park offers 'ready-to-use' industrial infrastructure with the flexibility of choosing land within SEZ for businesses focusing on foreign markets and land in domestic tariff area for businesses catering to the Indian market. "As we expand SpiceXpress, our cargo arm, SpiceJet is proud to partner with GHASL for this first-of-its-kind initiative by an airline in India which will enhance and facilitate cargo industry in the country," airline Chairman and Managing Director Ajay Singh said. The Free Trade Zone and the end-to-end service provided by SpiceXpress will boost businesses saving valuable time for the airline's partner companies, he said. Many companies such as CFM Aircraft Engine Support South Asia, SAFRAN Electrical and Power India, United Technologies Corporation India, Turbo Aviation, GMR Aero Technic, among others, already have their facilities in the industrial park. "We welcome SpiceJet at GMR Aerospace &amp; Industrial Park. Its presence adds great value to the niche space of Free Trade Warehousing Zone," GHASL Chief Executive Officer Aman Kapoor said on the tie-up. The pharma, aerospace and defence, electronics, automotive and FMCG client base at Telangana will benefit from the availability of warehousing catering to the export and import of goods from Hyderabad Airport, Kapoor noted. GDK IAS ANSANS

SpiceJet inks pact with GMR Hyderabad Aviation SEZ

New Delhi, Mar 22 () Export restrictions imposed on certain APIs and formulations, including paracetamol, vitamin B1 and B12, are not applicable for units in special economic zones (SEZs), according to a commerce ministry circular. On March 3, exports of 26 APIs and formulations, including paracetamol, vitamin B1 and B12, have been put under restricted category amid the coronavirus outbreak in China. The Directorate General of Foreign Trade (DGFT), an arm of the ministry, said that it has received various representations from SEZ units and other exporters highlighting issues faced by them on account of the decision to put this export restriction. "It is, therefore, clarified that the exports of restricted APIs and formulations made from these APIs are allowed from SEZ units," the circular said. Imposing restrictions means export of these active pharmaceutical ingredients (APIs) and formulations require a licence from the DGFT. SEZs, developed as export hubs, are treated as a foreign territory in terms of customs laws. These units import raw material and export final products. The pharmaceutical industry has urged the government to lift these restrictions on the export of active pharmaceutical ingredients and formulations. RR Md MRMR

No curb on export of APIs,  formulations from SEZ units: DGFT

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

New Delhi, Feb 24 () Software firm TCS and realty major DLF have sought government nod to set up special economic zones (SEZ) for IT sector in Haryana and Uttar Pradesh. These proposals will be taken up by the Board of Approval, the highest decision-making body for SEZ, 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 at Noida in Uttar Pradesh in an area of 19.9 hectares, according to the agenda paper of the board meeting. The total proposed investment for the project is Rs 2,433.72 crore. Development Commissioner of Noida SEZ has recommended the proposal for grant of formal approval for setting up the zone. On the other hand, 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. The requests of these two companies have been placed before the Board of Approval for consideration, it said. 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 ANUANU

TCS, DLF seek govt nod to set up SEZs

New Delhi, Jan 9 () The commerce and industry ministry on Thursday held a meeting with special economic zone (SEZ) players and discussed ways to further promote growth of the sector, an official said.
 The meeting took up certain suggestions from Bharat Forge Chairman Baba Kalyani-led committee on SEZ that are not yet implemented, the official said.
 One of the members of this committee, Srikanth Badiga, said issues related to further improving ease of doing business for these zones were also discussed.
 The industry demand to extend the direct tax incentives to SEZ units beyond March 31 also figured in the meeting.
 In the Budget 2016-17, the government had stated that income tax benefits to new SEZ units would be available to only those units that commence activity before March 31, 2020.
 Units in SEZs enjoy 100 per cent income tax exemption on export income for the first five years, 50 per cent for the next five years thereafter and 50 per cent of the ploughed-back export profit for another five years.
 SEZs, which emerged as major export hubs in the country, started losing their sheen after the imposition of Minimum Alternate Tax and introduction of sunset clause, according to the industry.
 Exports from these zones stood at over Rs 7 lakh crore in 2018-19. RR HRS

Commerce ministry holds meeting with SEZ players to discuss issues

New Delhi, Mar 30 () The commerce ministry on Monday announced certain relaxations in filing compliance reports for units and developers of special economic zones (SEZs) as most of the government offices are closed due to the nationwide lockdown amid the coronavirus outbreak. It said no punitive action should be taken in cases where any compliance is not met during this period. In view of the sudden outbreak of the pandemic and the nationwide lockdown, most government offices are closed and a few involved in emergency services are functioning with skeletal staff, it said in a statement. "The Department of Commerce has therefore decided to provide suitable relaxations on compliances to be met by units/ developers/ co-developers of SEZs," it said. Compliances to which the relaxations will apply include the requirement to file quarterly progress report attested by independent chartered engineers, and filing of annual performance reports by SEZ units. Further, extension of Letters of Approval (LoAs) will be facilitated for those developers/co-developers who are in the process of developing and operationalising the SEZ; units which are likely to complete their 5-year block for NFE (net foreign exchange) assessment; and units which are yet to commence operations. "Development Commissioners of SEZs have been directed to ensure that no hardship is caused to developers / co-developer / units and no punitive action is taken in cases where any compliance is not met during this period impacted by the disruption," the ministry said. It also said that if possible, all extensions of LoAs and other compliances may be facilitated through electronic mode in a time-bound manner. In the cases where it is not possible to grant extension through electronic mode or in cases where a physical meeting is required, it said development commissioners have been asked to ensure that the SEZs do not face any hardship due to such expiry of validity during this period of disruption. "Adhoc interim extension/ deferment of the expiry date may be granted without prejudice till June 30, 2020, or further instructions of the department on the matter, whichever is earlier," it added. SEZs, developed as export hubs, are treated as a foreign territory in terms of customs laws. These zones enjoy certain incentives including a single-window clearance system. Export Promotion Council for SEZs and Export Oriented Units Vice-Chairman Bhuvnesh Seth has sought support measures, including restoration of tax benefits to these zones and other measures to give a boost to these zones. Exports from these zones stood at over Rs 7 lakh crore in 2018-19. RR HRS

Coronavirus: Commerce ministry provides relaxations in filing compliance report to SEZs

New Delhi, Feb 19 () The minimum import price imposed on cashew kernels are not applicable for units in special economic zones (SEZs) and export oriented units (EoUs), according to a trade notice of the directorate general of foreign trade (DGFT). In June last year, the directorate, under the commerce ministry, had sharply increased the minimum import price (MIP) for whole and broken cashew to Rs 680 per Kg from Rs 288 per kg. Similarly for whole cashew, it was enhanced to Rs 720 per kg from Rs 400 per kg earlier. Below these prices, imports of the commodity is prohibited. In a trade notice, the directorate said it has received references from importers seeking clarification on application of MIP on import of cashew kernels in SEZ or EoU units. "The matter has been examined in this directorate. It is clarified that MIP on cashew kernels is not applicable for imports by 100 per cent EoUs and units in the SEZs," Deputy Director General of Foreign Trade Gagandeep Singh has said in the notice. SEZs and EoUs are developed as export hubs in the country. Raw materials imported by units in these zones are used for export purposes. The country produces around 3.5 lakh tonne of cashew kernels. The production and import of raw cashew is around 8 lakh tonne and 9 lakh tonne, respectively. Indian cashew industry exports different grades and products like cashew kernels (wholes and broken), cashew nut shell liquid (CNSL), cardanol (purified CNSL) and flavoured kernels. Indian cashew kernels are well accepted and preferred world over for its quality, taste, tradition and commitment to supply, compared to other origins. The country exports to about 80 countries, including the US, UAE, Netherlands, Saudi Arabia, Germany, Japan, Belgium, Korea, Spain, France, UK, Kuwait, Singapore, Qatar, Greece, Italy, Iran and Canada. RR SHWSHW

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