Application for development of Special Economic Zone

(1) The Developer shall identify the area for the development of Special Economic Zone and shall apply in the Form, appended to this Act to the Director for approval. (2) On receipt of the application, the Director shall forward the proposal to the concerned department for comments. (3) The concerned department shall furnish its comments in respect of the proposal within the prescribed period. In case, the comments are not furnished by the department within the prescribed period, then it shall be deemed that the proposal has been approved by the department. (4) On the receipt of the comments from the concerned department or in case of deemed approval to the proposal, as mentioned in sub-section (3), the Director shall send the proposal to the Project Approval Committee for consideration. (5) On receipt of the proposal, sent by the Director under sub-section (4), the Project Approval Committee shall consider the proposal and examine the viability of other economic aspects of the project justifying the necessity of setting up of the proposed Special Economic Zone. (6) If the Project Approval Committee after consideration comes to the conclusion that the proposal is justified, then it will accord its approval in principle, in case, the Developer is not in possession of land, on which the project is to be developed. In case, the Developer is in possession of the land, on which the project is to be developed, then the Project Approval Committee shall accord its formal approval. (7) After the formal approval of the Project Approval Committee is accorded under sub-section (6), the Director shall forward the proposal to the Central Government for approval subject to such terms and conditions, as may be specified by the Project Approval Committee.