SEEPZ | |
---|---|
neighbourhood | |
Coordinates: 19°07′23″N72°52′34″E / 19.123°N 72.876°E | |
Country | India |
State | Maharashtra |
District | Mumbai Suburban |
City | Mumbai |
Government | |
• Type | Municipal Corporation |
• Body | Brihanmumbai Municipal Corporation (MCGM) |
Elevation | 31 m (102 ft) |
Languages | |
• Official | Marathi |
Time zone | UTC+5:30 (IST) |
PIN | 400 096 |
Civic agency | BMC |
Santacruz Electronics Export Processing Zone (SEEPZ) [1] is a Special Economic Zone in Mumbai, India. Situated in the Andheri East area, it is subjected to liberal economic laws as compared to the rest of India to promote rapid economic growth using tax and business incentives and attract foreign investment and technology. [2] Seepz was created in 1973 and was seen as export processing zone. [3] Since then many other SEZ's have been created in rest of India. SEEPZ mainly houses electronic hardware manufacturing companies, software companies, and jewelry exporters of India. More than 40 percent of India's total jewelry exports ($2,222.31 million) out of $5,210.69 million during year 2006-2007 came from units within SEEPZ. [4]
There are more than 400 units inside SEEPZ (Santacruz Electronic Export Processing Unit).
The Policing is done by the Ministry of Finance's Customs branch and the Custodian of SEEPZ is MMTC LTD. ~ Ministry of Commerce unit.
These include Portescap India Pvt. Ltd., CGI Group Inc., Elegant Collection, Tata Consultancy Services, Syntel, Zycus, ACE Software, Inter Gold, Tara Jewels Limited, Shanker Jewels, Lumina Datamatics Limited, Indus Valley Partners to name a few.
Most buildings in the zone are built to look the same from outside; they're called Standard Design Factories. Others are made by architects to the taste of the owners.
SEEPZ is a high security entry zone. Employees of all companies need to have permanent SEEPZ gate pass to gain entry inside SEEPZ (including the Custodian's office, Bank, including Customs officials who police the SEEPZ complex).
Visitors, need special permits to enter. [5] Due to these hassles government proposed making SEEPZ a Free Trade Zone (FTZ) in 1999. However, gate pass and visitor pass rules continue till date. Making SEEPZ a FTZ meant that it would be treated as outside the customs zone of India. This meant no excise or customs duty will ever be levied on raw materials, companies would have to sell their products/services overseas to earn back precious foreign exchange for the country that was spent in importing those goods using hard currency. [6]
Due to its business importance and high concentration of work force SEEPZ has remained the prime target of criminals and terrorists. A high-profile case occurred in 1999 when diamonds worth ₹1,000 million (US$12 million) and gold worth ₹39 billion (US$470 million) were smuggled out and sold in local market. [7] After the 28 July 2003 Mumbai Bus Bombing major stockpile of explosives was also found near SEEPZ. [8] Women employees working in SEEPZ during the night shifts are entitled transport facility between home and office from their employers. [9]
Within the premises is located the ruins of an abandoned Portuguese church, St. John the Baptist Church, Mumbai built in 1579. [10] The church also lay in ruins for years and access to it is restricted since SEEPZ was formed. After much political controversy, it was handed back to Fr Rodney Esperance of Bombay Archdiocese in 2003 [11] in a ceremony organized by Maharashtra Chief Minister Sushil Kumar Shinde. [12] A lake and several canteens are located inside the SEEPZ premises.
A special economic zone (SEZ) is an area in which the business and trade laws are different from the rest of the country. SEZs are located within a country's national borders, and their aims include increasing trade balance, employment, increased investment, job creation and effective administration. To encourage businesses to set up in the zone, financial policies are introduced. These policies typically encompass investing, taxation, trading, quotas, customs and labour regulations. Additionally, companies may be offered tax holidays, where upon establishing themselves in a zone, they are granted a period of lower taxation.
A free-trade zone (FTZ) is a class of special economic zone. It is a geographic area where goods may be imported, stored, handled, manufactured, or reconfigured and re-exported under specific customs regulation and generally not subject to customs duty. Free trade zones are generally organized around major seaports, international airports, and national frontiers—areas with many geographic advantages for trade.
Chhatrapati Shivaji Maharaj International Airport is an international airport serving Mumbai, the capital of the Indian state of Maharashtra. It is the second busiest airport in India in terms of total and international passenger traffic after Delhi, and was the ninth busiest airport in Asia and 25th busiest airport in the world by passenger traffic in fiscal year 2023–24.
This is a list of international trade topics.
Free economic zones (FEZ), free economic territories (FETs) or free zones (FZ) are a class of special economic zone (SEZ) designated by the trade and commerce administrations of various countries. The term is used to designate areas in which companies are taxed very lightly or not at all to encourage economic activity. The taxation rules and duties are determined by each country. The World Trade Organization (WTO) Agreement on Subsidies and Countervailing Measures (SCM) has content on the conditions and benefits of free zones.
An industrial park, also known as industrial estate or trading estate, is an area zoned and planned for the purpose of industrial development. An industrial park can be thought of as a more heavyweight version of a business park or office park, which has offices and light industry, rather than heavy industry. Industrial parks are notable for being relatively simple to build; they often feature speedily erected single-space steel sheds, occasionally in bright colours.
The Cochin Special Economic Zone (CSEZ) is a multi-product special economic zone located at Kochi, Kerala. It is established in an area of 41.7 hectares in Kakkanad.
Ras Al Khaimah Free Trade Zone is a special economic zone in Ras Al Khaimah. RAK FTZ is around an hour drive from Dubai.
In the United States, a foreign-trade zone (FTZ) is a geographical area, in a United States Port of Entry, where commercial merchandise, both domestic and foreign, receives the same Customs treatment it would if it were outside the commerce of the United States. The purpose of such zones is to help American businesses to be competitive in the global economy by reducing tariff burdens on the importation of foreign inputs and on exported finished products. Another definition of an FTZ states that it is an isolated, enclosed and policed area operated as a public utility, furnished with facilities for loading, unloading, handling, storing, manipulating, manufacturing and exhibiting goods and for reshipping them by land, water or air. Merchandise of every description may be held in the zone without being subject to tariffs and other ad valorem taxes. This tariff and tax relief is designed to lower the costs of U.S.-based operations engaged in international trade and thereby create and retain the employment and capital investment opportunities that result from those operations.
Gujarat International Finance Tec-City, also called GIFT City, is a central business district under construction in the Gandhinagar district as suburb city of Ahmedabad in Ahmedabad Metropolitan Region in Gujarat, India. It is India's first operational greenfield smart city and international financial services centre, which the Government of Gujarat promoted as a greenfield project. In 2020 GIFT IFSC bagged 10th place in Finance Industry and top rank in emerging financial centres in the Global Financial Centres Index. As of June 2023, it is home to 23 multi-national banks, including HSBC, JP Morgan, and Barclays. Furthermore, it includes 35 fintech entities, two international stock exchanges with average daily trading volumes of $30.6 billion, as well as India's first international bullion exchange with 75 onboarded jewellers.
DEPB (Duty Entitlement Pass Book ) is an export incentive scheme of Indian Government provided to Exporters in India.
Bharat Diamond Bourse (BDB) is the world's largest diamond bourse (exchange) and is located in Mumbai, India. Spread over a 8.1-hectare (20-acre) plot, the complex is home to some 2,500 small and large diamond traders in addition to the Custom House, banks and other service providers who cater to the gems and jewelry trade. The complex contains 26 towers each having nine floors. The total constructed area is 190,000 m2 (2,000,000 sq ft), with two basements of additional 93,000 m2 (1,000,000 sq ft). The facilities at BDB comprise offices of diamond traders, four walk-in vaults, 24,500 safe deposit boxes, a 580-square-metre (6,200 sq ft) trading floor, strong rooms, lockers and customs clearance facilities with all the modern facilities required to carry on day-to-day business.
Falta is a village and a gram panchayat within the jurisdiction of the Falta police station in the Falta CD block in the Diamond Harbour subdivision of the South 24 Parganas district in the Indian state of West Bengal.
Chennai is the third largest software exporter in India, next only to Bangalore and Hyderabad. India's largest IT park is housed at Chennai. Software exports from Tamil Nadu during 2017–2018 rose 8.8% per cent to touch 1,11,179 crore, involving a workforce of 780,000, and the city is the hub for deep tech startup companies. Many software and software services companies have development centres in Chennai, which contributed 14 percent of India's total software exports of ₹ 14,42,140 lakh during 2006–07, making it the third largest Indian city software exporter following Bangalore, Hyderabad and the city is the home for 7 top rated IT companies out of 15 in India. The Tidel Park in Chennai was billed as Asia's largest IT park when it was built. Major software companies have their offices set up here, with some of them making Chennai their largest base. Chennai is the largest hub for e-publishing, as there are 67 e-publishing units registered with the STPI and many Rs.8300-Cr data centers, digital hubs are in the process of development. A major reason for the growth of the Software industry are the top engineering colleges in Tamil Nadu, of which Chennai is a major contributor, have been a major recruiting hub for the IT firms. According to estimates, these engineering colleges and universities consistently generate about 50 per cent of the human resource requirements for the IT and ITES industry was being sourced from the state, particularly from Chennai. The total employment in the Tamil Nadu’s technology sector crossed the one million mark in the quarter ended June 2022.
Madras Export Processing Zone (MEPZ) is a special economic zone in Chennai, India. It is one of the seven export processing zones in the country set up by the central government. It was established in 1984 to promote foreign direct investment, enhance foreign exchange earnings, and create greater employment opportunities in the region.
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