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Exemption to SEZ is still under cloud

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It seems there is no way to get rid from the higher bank rates of interest especially for the special economic zone. According to the sources of www.propertykhazana.com the proposal for the lower rates for the SEZ group in funding the construction has not been accepted by the expert team of the Reserve Bank of India (RBI). It made a very tough hindrance for the SEZ developers yet again in the realty market.
Earlier an application was produced by the realty house to put some exemption on the Special Economic Zones (SEZs) across the nation to the govt. and then the empowered group of ministers (EGoM) has made this to the core team of the RBI and they have cancelled the petition and confirmed it as one of the commercial business of realty and hence exemption was denied.
Source of www.propertykhazana.com also reveals that the decision was made looking to the present condition of the global market and to safeguard the economy from higher debt issues. So the RBI has directed the banks to be in safe side first before allotting funds to the SEZ and its associates.
In 2006 SEZ construction was already made a part of commercial scheme by the Reserve Bank of India. But as per the source of www.propertykhazana.com the ministerial team of Indian commerce is making a move for an amendment for this SEZ architecture, since then to provide lower rate of interest to the realty groups. If norms were made to exempt the SEZ then builders will be very much benefited to lift up vertical height of SEZ with lower bank rates.
Source: NBTVLIVE

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