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Union Government to reassess the RBI decision on SEZ projects

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The Reserve Bank of India is now under dilemma and facing criticism from the realty sector and it is reported by the sources to the www.propertykhazana.com that the present scenario is because RBI is treating the SEZ projects equal to the commercial ventures, and Union Commerce and Industry Minister Mr. Kamalnath himself is against the RBI in this regard.
In the meantime, the Prime Minister has instructed his cabinet colleagues to resolve the issue at the earliest thus by calling empowered group of ministers (eGoM) meeting at the earliest. On the other side, Foreign Affairs Minister Mr. Pranab Mukerjee is handed over the responsibility to review the RBI decision about the SEZ projects.
It is further added by the sources at the www.propertykhazana.com that the issue raised because of the RBI instructions to all the banks to minimize the lending’s on commercial as well as the SEZ ventures, though the boom was at the peak during the September 2006. It also decided to impose high rate of intrest on SEZ loans.
Presently, out of 173 SEZ projects only 50 projects have given all the nodes from the concerned authorities, where as the other projects are on the hold and the sources claimed at the www.propertykhazana.com said that there are many agitations taking place all over the country and West Bengal is majorly effected than the other states.
In this regard, many national and international players have given a memorandum to the Central Government asking for the issue to be solved without any delay and hassles.
Source: NIMMA BENGALURU

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