Trusts can set up unit in SEZ- SEZ Act amended

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Special Economic Zones (Amendment) Act, 2019 has been notified by publication in gazette on 8th July, 2019. This amendment has been brought to give permanent effect to Special Economic Zones (Amendment) Ordinance, 2019 promulgated on 2nd March, 2019. This amendment shall be deemed to have come into force on the 2nd day of March, 2019.

In the amendment, definition of “person” as defined in sub-section (v) of section 2 of the Act has been amended to include a trust. The original provision of the SEZs Act, 2005 did not permit ‘trusts’ to set up units in SEZs. This amendment enables trusts to be considered for grant of permission to set up a unit in a Special Economic Zone.

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