Friday, January 16, 2009

GOVT MAY RELAX NFE FOR SOME SEZS

New Delhi
The Economic Times

The government may relax the Net Foreign Exchange (NFE) positive obligation for some categories of special economic zones (SEZs) including gems & jewellery and other manufacturing products like textiles for the next 6-12 months.

The move is aimed at helping the zones survive the global downturn by selling their products in the domestic market.

The SEZs will only have to pay for the duty foregone on imported inputs so that they do not have an unfair advantage over the domestic industry, commerce secretary G K Pillai has said.

A final decision is yet to be taken on the issue.

Mr Pillai added that the SEZs are expected to employ about 60,000 additional workforce in the next four months. Of these 40,000 will be in the IT/ITES sectors.
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