Skip to content
TechVibe

TechVibe

  • Home
  • Web3
  • Technology
  • Health
  • Business
  • Sports
    • Cricket
    • Football
  • Press Release
  • Contact Us
  • Toggle search form

Rephrase the title:Inter-ministerial approval board can permit demarcation of non-processing area under IT sector SEZs

Posted on December 7, 2023 By Haley Bennett

Rephrase and rearrange the whole content into a news article. I want you to respond only in language English. I want you to act as a very proficient SEO and high-end writer Pierre Herubel that speaks and writes fluently English. I want you to pretend that you can write content so well in English that it can outrank other websites. Make sure there is zero plagiarism.:

New Delhi, The inter-ministerial board of approval, on request of a developer of an IT/ITeS sector special economic zone, can permit demarcation of non-processing area of that zone, according to an official notification. The inter-ministerial Board of Approval is the highest decision making body on special economic zones (SEZs). It is chaired by the commerce secretary.

The commerce ministry‘s notification said that a non-processing area under such SEZs can be used for setting up and operation of businesses engaged in Information Technology (IT) or Information Technology Enabled services (ITeS) sector.

For this, the ministry has amended the Special Economic Zones (Fifth Amendment) Rules, 2023.

Inserting a new rule, the notification said: “…the Board of Approval, on request of a developer of an IT or ITeS SEZs, may permit demarcation of a portion of the built-up area of an IT or ITeS SEZ as a non-processing area of the IT or ITeS SEZ to be called a non-processing area.”

In the processing area, units are located for manufacturing of goods or rendering of services. Non-processing areas are where supporting infrastructure is created.

It also said that the board would permit the demarcation “only” after repayment, without interest, by the developer.

“Demarcation of a non-processing area shall not be allowed if it results in decreasing the processing area to less than fifty per cent of the total area…,” it added.

The notification also said that the businesses engaged in these zones in a non-processing area would not avail any rights or facilities available to SEZ units.

It added that no tax benefits shall be available on operation and maintenance of common infrastructure and facilities of such an IT/ITeS zone.

Welcoming the move, Sanjay Dutt, MD & CEO, Tata Realty and Infrastructure Ltd, said that this revised policy not only facilitates the expansion of companies’ office spaces but also extends the benefits of SEZ areas to non-SEZ entities.

“It’s a proactive move by the government, optimizing the utilization of real estate resources,” he said, adding, “presently, the country boasts around 170 million square feet of ready IT SEZ office space in the top 6 cities, with nearly 20 per cent (over 30 million square feet) lying vacant. Additionally, about 10 million square feet of SEZ spaces are under construction and set to be completed within the next 2 years.”

Haley Bennett

I have over 10 years of experience in the cryptocurrency industry and I have been on the list of the top authors on LinkedIn for the past 5 years. I have a wealth of knowledge to share with my readers, and my goal is to help them navigate the ever-changing world of cryptocurrencies.

Business Tags:commerce ministry, sez rules, sez zone, special economic zones, tata realty and infrastructure ltd

Post navigation

Previous Post: Rephrase the title:’I started losing vision in the right eye’ – AB de Villiers reveals shocking details about his last two years of professional cricket
Next Post: Rephrase the title:Copa America 2024 Group D: Teams, table, standings, schedule, results for Brazil and other nations

Related Posts

Review of the HP Omen 16 – An impressive laptop featuring a high-quality display Business
Mother Dairy to sell onions at ₹25/kg at Safal outlets. Business
Rephrase the title:Scientists create camera setup that shows us how animals may perceive colours! Business
Checking Tata Technologies IPO allotment, GMP, listing date and other details Business
Rephrase the title:Byju's shareholders vote to remove CEO, family; company calls vote invalid Business
Rephrase the title:We cannot properly tackle the climate crisis without addressing our socioeconomic inequalities first: experts Business

Recent Posts

  • Robin Open Social-Fi: Revolutionizes Gaming with Innovative Integration and Global Partnerships
  • $GUMMY Set to Launch New Meta On Staking on Solana
  • BinoStake.io: Transforming Crypto Investments On BNB Chain with Liquid Staking Solutions
  • Mocaverse to Develop Decentralized Social Layer
  • Expansion of Web3 Fueled by Hong Kong’s Financial Secretary

Categories

  • Business
  • Cricket
  • Football
  • Health
  • Press Release
  • Technology
  • Web3

About Us

Welcome to TechVibe9, where the rhythm of technology meets innovation! We are a group of tech enthusiasts on a mission to uncover and showcase the latest in the tech world.

Mail Us : support@techvibe9.com

Latest Post

  • Robin Open Social-Fi: Revolutionizes Gaming with Innovative Integration and Global Partnerships
  • $GUMMY Set to Launch New Meta On Staking on Solana
  • BinoStake.io: Transforming Crypto Investments On BNB Chain with Liquid Staking Solutions

Helpful Links

  • About Us
  • Contact Us
  • Privacy Policy
  • Terms & Conditions

Copyright © TechVibe9

Powered by PressBook Masonry Dark