India clears new law on special economic zones

Thursday, 08 January 2004, 20:30 IST
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NEW DELHI: The Indian government Wednesday cleared new legislation covering special economic zones that would permit offshore banking units function within them, Parliamentary Affairs Minister Sushma Swaraj announced. "The new bill will ensure uniform legislation for the special economic zones and it will supersede state laws," she said a news conference after a meeting of the cabinet chaired by Prime Minister Atal Bihari Vajpayee. "There will be fewer delays as matters will be cleared by a single window system," Swaraj added. The bill will lay down the modalities for setting up offshore banking units in special economic zones, as also detail the fiscal regime for international financial services centres in the zones and provide for special courts and a single enforcement agency to ensure speedy trial and investigation of offences committed with the zones. Swaraj said the government had so far approved the setting up of 23 special economic zones and eight were currently functioning. "Three more at Indore, Jaipur and Kolkata are to become functional," she told a news conference after a meeting of the cabinet chaired by Prime Minister Atal Bihari Vajpayee.
Source: IANS
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