Name the bill passed by parliament, that allowed trusts to establish units in Special Economic Zone (SEZs) .
A. Special Economic Zones Bill, 2019
B. Special Economic Zones for Trusts Bill, 2019
C. Special Economic Zones (Amendment) Bill, 2019
D. Special Economic Zones (Updated) Bill, 2019
Answer:C
Name the bill passed by parliament, that allowed trusts to establish units in Special Economic Zone (SEZs) .
A. Special Economic Zones Bill, 2019 B. Special Economic Zones for Trusts Bill, 2019 C. Special Economic Zones (Amendment) Bill, 2019 D. Special Economic Zones (Updated) Bill, 2019
Explanation: The Parliament passed The Special Economic Zones (Amendment) Bill, 2019 which became the first legislation to be passed by the newly constituted 17th Lok Sabha. It will replace the Special Economic Zones (Amendment) Ordinance, 2019, which was promulgated in March 2019 and amends Special Economic Zones (SEZ) Act 2005.The new bill amends the definition of “person” under Section 2(v) of the SEZ Act 2005 to include ‘trusts’. SEZs Act, 2005, did not permit ‘trusts’ to set up units in SEZs.According to the law, an individual, a Hindu divided family, a company, co-operative society or a firm fall in the definition of a “person”.As on March 31, 2019, the investment in SEZs was over Rs 5 lakh crore and the employment was over 20 lakh in SEZs. Exports from SEZs was more than Rs 7 lakh crore.