Commerce Secretary, Mr, G K Pillai, said in a speech that, they will not approve more IT SEZs due to the controversy surrounding land acquistion. However, if a company comes with an application after land acquistion, then a formal approval maybe given. We were the first one to report that HP had given up their IT SEZ plans in Bengalooru, India.
In another announcement, SEZs will get 100% Income Tax rebate during the first 5 years of operation and 50% during the next 5 years.
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