A view of the SEEPZ Special Economic Zone in Mumbai
A view of the SEEPZ Special Economic Zone in Mumbai|Photo: SEEPZ
Business & Economy

Govt. announces relaxations on compliances to be met by units, developers, co‐developers of SEZs

NetIndian News Network

New Delhi, March 31, 2020

In view of the outbreak of the coronavirus (COVID‐19) pandemic and the nationwide lockdown, the Department of Commerce has announced relaxations on compliances to be met by units, developers and co‐developers of Special Economic Zones (SEZs).

The requirement to file Quarterly Progress Report (QPR) attested by Independent Chartered Engineers by Developers/ Co‐developers has been relaxed along with the SOFTEX form to be filed by IT/ITES units, an official press release said.

The relaxation applies to the filing of Annual Performance Reports (APR) by SEZ units. It is also applicable to the extension of Letter of Approvals (LoA) which may expire, in the cases of 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 assessment; Units which are yet to commence operations, the release said.

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 above disruption.

Further, as may be possible, all extensions of LoAs and other compliances maybe 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, Development Commissioners have been asked to ensure that the Developer/Co‐developer/ Units do not face any hardship 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 30.06.2020 or further instructions of the Department on the matter, whichever is earlier, the release added.

NNN

NetIndian
www.netindian.in