• search

Amendment to bring CISP Rules in conformity with SEZ introduced

Written by: Staff
|

Chandigarh, Aug 8 (UNI) A new section 7-A has been added to the Chandigarh Information Services Park (CISP) Rules, 2002, to bring them in conformity with the SEZ Rules and protect the interests of allottees of the Rajiv Gandhi Chandigarh Technology Park (RGCTP) .

The amendment has been made on the basis of the demand by the allottees of the Rajiv Gandhi Chandigarh Technology Park (RGCTP) that since the initial allotment of the land was on freehold basis, their long term proprietary interests in the land should be protected and they should be given the right to enjoy the SEZ benefits like exemption of Stamp Duty, Excise Duty, Customs, VAT, CST, Electricity Duty apart from relaxation in Labour Laws.

Taking into consideration this demand of the allottees, the fresh amendment was made to make it easy for the allottees to derive the maximum from the SEZ benefits.

They have been given an option of entry into leasehold basis now and after the SEZ status to RGCTP expires. An exit route has also been provided so that their long term proprietary interests are protected as the initial allotment was made on freehold basis.

However, to bring the CISP Rules in conformity with the SEZ Rules, all future allotments in RGCTP will be on leasehold basis only for a period of 99 years.

The Chandigarh Administration had enacted Chandigarh Information Services Park (CISP) Rules, 2002, enabling allotment of land within the Rajiv Gandhi Chandigarh Technology Park on freehold basis.

However, with the enactment of the SEZ Act and SEZ Rules 2005 and the RGCTP been given the SEZ status, an anomaly had been created with regard to the provisions of rule 11 of the SEZ Rules, 2006, which states that any allotment of land within a SEZ can be done only on leasehold basis.

UNI JN CS DS1335

For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
X