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Which of the following is/are related to Special Economic Zone (SEZ)? I. Import of goods for free domestic procurement or operations, maintenance, and development of SEZ units. II. There is a single-window of clearance for central and state level clearances. III. Customs officers do not go for regular inspection of goods for import and export.

Which of the following is/are related to Special Economic Zone (SEZ)? I. Import of goods for free domestic procurement or operations, maintenance, and development of SEZ units. II. There is a single-window of clearance for central and state level clearances. III. Customs officers do not go for regular inspection of goods for import and export. Correct Answer All of the above

The correct answer is All of the above.

Important Points

  • All of the given statements related to the Special Economic Zone (SEZ) are true.
  • India was one of the first in Asia to recognize the effectiveness of the Export Processing Zone (EPZ) model in promoting exports, with Asia's first EPZ set up in Kandla in 1965.
  • With a view to overcoming the shortcomings experienced on account of the multiplicity of controls and clearances; absence of world-class infrastructure, and an unstable fiscal regime and with a view to attracting larger foreign investments in India, the Special Economic Zones (SEZs) Policy was announced in April 2000.
  • SEZs in India functioned from 1.11.2000 to 09.02.2006 under the provisions of the Foreign Trade Policy and fiscal incentives were made effective through the provisions of relevant statutes.
  • The SEZ Act 2005 envisages a key role for the State Governments in Export Promotion and the creation of related infrastructure. A Single Window SEZ approval mechanism has been provided through a 19 member inter-ministerial SEZ Board of Approval (BoA).
  • SEZ comes under the Ministry of Commerce & Industry, Department of Commerce, and the current Minister of Commerce & Industry, Department of Commerce is Piyush Goyal.  

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