Vepz Converts Into Sez

Visakhapatnam Export Processing Zone (VEPZ) has been converted into Special Economic Zone (SEZ) from today, according to a central government notification.

The SEZ scheme is an improvement over the exiting EPZ scheme and provides hassle-free environment for export business.

K Ratna Prabha, the development commissioner of VEPZ, is the nodal officer for VSEZ and she will be the designated authority of SEZ scheme.

In addition to this, the state government is acquiring 9200 acres of land in Visakhapatnam district for the proposed SEZ.

SEZ is duty- free zone and treated as a foreign territory for trade operations, duties and tariffs.

 

Exemption from customs and central excise duty on imports of capital goods, raw materials, consumables, spares etc., 100 per cent income tax exemption for 5 years and 50 per cent exemption for two years thereafter are applicable for SEZ units.

There are several procedural benefits like no routine examination of export and import cargo by customs/ central excise authorities; goods can be brought to or removed from SEZ premises on self-certification basis.

The state government has issued notifications extending several concessions, benefits to the units in SEZ and developers for SEZs in the state.

The same exemptions and incenstives would be requested for the Visakhapatnam Special Economic Zone also.

The concessions include single window clearances of all state government permissions with powers delegated to development commissioner of the SEZ.

All departments concerned will depute one officer with the SEZ for according all clearances and permissions.