Ministry of Commerce and Industry relaxes the compliances to be met by units or developers or co-developers of SEZs

Apr 14, 2020 | by Avantis RegTech Legal Research Team

Commercial Compliance

The Department of Commerce has decided to provide suitable relaxations on compliances to be met by units / developers / co‐developers of Special Economic Zones (SEZs). 

Such compliances to which the relaxations will apply, include:

 Requirement to file Quarterly Progress Report (QPR) attested by Independent Chartered Engineers by Developers/ Co‐developers

 SOFTEX form to be filed by IT/ITES units

 Filing of Annual Performance Reports (APR) by SEZ units

 Extension of Letter of Approvals (LoA) which may expire, in the cases of:

a) Developers/co‐developers who are in the process of developing and operationalising the SEZ;

b) units which are likely to complete their 5 year block for Net Foreign Exchange Earning (NFE) assessment;

c) Units which are yet to commence operations

Further, Development Commissioners of SEZs directed that, 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 through electronic mode or in cases where a physical meeting is required, there should be no hardship to the Developer / Co‐developer / Units due to such expiry of validity during this period of disruption. Ad‐hoc 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.

[Release ID: 1609247]


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