The Union Cabinet on Thursday approved promulgation of an Ordinance to amend the definition of “person”, as defined in sub-section (v) of section 2 of the Special Economic Zones Act, 2005 to include a trust.
An official release said the change will enable the setting up of a unit in a SEZ by a trust, as also to provide flexibility to the Central government to include in this definition any entity that it may notify from time to time and facilitate investments in these zones.
The release said that the present provision of the SEZs Act, 2005 do not permit trusts’ to set up units there.
