The Ministry of Commerce and Industry, has, in a recent Press Release dated 28th February, 2019 informed that the Cabinet has approved the promulgation of an Ordinance for amending the Special Economic Zones Act, 2005 (“Act”).
The definition of “person” in the Act will now include a trust. This will enable the setting up of a unit in a Special Economic Zone by a trust, and it will also provide flexibility to the Central Government to include in the definition of person, any entity which the Central Government may notify from time to time.
Source: Ministry of Commerce and Industry
