GJEPC thanks commerce ministry for the alternate method for transfer of space by exiting unit in SEZ

Till 2013, there was no condition of surrendering the properties back to SEZ, but with a condition being imposed that even the purchased premises have to be surrendered back to SEZ for auction which was creating impediment in mortgage and getting loans. At least 50% of the property in SEEPZ was unutilised or underutilised for years.

With the efforts of Council and series of meetings with Hon’ble Commerce & Industry Minister and Commerce Secretary and Minister’s subsequent visit to SEEPZ, the Ministry has finally accepted Council’s proposal and has come out with instructions today which will go long way in rejuvenating the idle un-productive space in SEZ.

Commenting on the same, Colin Shah, Chairman, GJEPC says, “Historic for the units in SEZ – will help existing units to scale up at a time when exports are booming and will also enable new units to acquire space in SEZ. We thank the Hon’ble Commerce Minster for this timely space transfer policy.”

Benefits of space transfer policy:

1)        Existing units can exit easily

2)        Transparency in the transfer

3)        Hybrid of auction & direct agreement

4)        Beneficial to Buyer Seller & no loss to the Govt.

Courtesy: Retail Jeweller India News