Cabinet note in the works to end forex rule for SEZ services
The Commerce Department is preparing a Cabinet note to amend the SEZ Act and allow Special Economic Zone units to receive Indian rupee payments for services provided to domestic clients. The proposed change could benefit sectors such as maintenance, repair and overhaul, engineering, defence manufacturing and IT. By removing the foreign exchange requirement for domestic services, the move aims to unlock new business opportunities and address a long-standing regulatory anomaly.
