Para 1 - Objectives of the Scheme - Scheme to develop, operate and maintain special economic zones under section 80-IA of Income-tax Act read with rule 18C(2) of Income-tax Rules

Scheme to develop, operate and maintain special economic zones under section 80-IA of Income-tax Act read with rule 18C(2) of Income-tax Rules SO 100(e), dated 24-1-2002 In exercise of the powers conferred under section 80-IA of the Income-tax Act, 1961, read with sub-rule (2) of rule 18C of the Income-tax Rules, 1962, the Central Government hereby makes the following scheme to develop, operate and maintain Special Economic Zones for the period beginning on the 1st day of April, 2001 for the Zones developed on or before 31-3-2006. 1. Objectives of the Scheme (a) The scheme shall aim at development of integrated world class infrastructure for exports including carrying out manufacture of goods, rendering of services or in connection therewith and would include industrial, commercial and social infrastructure. Components of a Special Economic Zone shall include roads, airports, ports, transport system, generation and distribution of power, telecom, hospitals, hotels, educational institutions, leisure and entertainment units, residential/industrial/commercial complexes, water supply sanitation and sewerage system and any other facility required for development of the Zone. (b) Special Economic Zones may be developed and managed in the private sector or jointly by State Government and a private agency or exclusively by the State Government or their agencies. In the case of privately developed zones, the investors could be either Indian individuals, NRIs, Indian or foreign companies. (c) New infrastructural development works such as construction of Standard Design Factory Building etc. may also be undertaken through private/joint/State sector in the Export Processing Zones converted into Special Economic Zones.