Date:05/05/2005 URL: http://www.thehindubusinessline.com/2005/05/05/stories/2005050503280100.htm

Back Cabinet clears Bills on SEZs, SMEs

Our Bureau

New Delhi , May 4

THE Union Cabinet today cleared the Special Economic Zone (SEZ) Bill, according to the Information and Broadcasting Minister, Mr Jaipal Reddy.

The Bill seeks to provide a fiscal package, including a 15-year income tax holiday, to units in SEZs.

The Cabinet also cleared a Bill for the development of small and medium industries.

It has cleared the proposal to introduce VAT in Bihar.

The Cabinet's approval was required for Bihar since the State is under President's rule.

Mr Reddy said that the Cabinet also cleared certain amendments to the RBI Act and the Banking Regulation Act.

It approved the Credit Information Company Regulations Bill, which had earlier been sent to the Standing Committee, and the Taxation Laws Amendments Bill, 2005.