SEZs get six more mths for foreign sales

NEW DELHI: The government has decided to give manufacturers located in special economic zones a whole year to sell their goods, including gems & jewellery, in foreign shops and designated show-rooms instead of the six months stipulated earlier, before these products can be brought back to the country.

As per recently amended SEZ rules, the items not sold abroad in such shops may be re-imported within a year from the date of their export without attracting penalties. The government has allowed the manufacturers longer time to sell their wares to provide relief as they are facing difficulties finding buyers at the back of the global downturn.
The amendment gives companies more time to find suitable buyers for their wares.

Meanwhile, the government allowed Maytas Ventures to give up its biotech SEZ in Hyderabad. No decision, however, was taken on Reliance India���s request of getting a two year extension for completing the process of acquiring land for its multi-product zone at Gurgaon.

The board of approval (BoA) for SEZs also gave its approval to three new proposals, including those by Brooke Bond Real Estate, Karnataka State Electronics Development Corporation and Lanco Solar.