SEZ Rules - Annual Performance Return to be submitted within 180 days
IN the SEZ Rules, Form H is the Bond-Cum-Legal Undertaking For Special Economic Zone Unit. Condition 7 of this Bond Cum LUT reads as:
7. We, the obligors shall, after the commencement of production or service activities, submit to the Development Commissioner and the Specified Officer, Annual Performance Return within a period of ninety days following the close of financial year, in the form prescribed under the Special Economic Zone Rules, 2006, certified by a Chartered Accountant. In case of wrong submission of such information or failure to submit such information within the stipulated time, the permission granted to us for carrying out the authorized operations may be withdrawn and/or the permission for further imports and sales in the Domestic Tariff Area may be stopped.
Now, the ninety days is changed to one hundred eighty days.
As per item 1 of the Annexure-I of the SEZ Rules, The annual review of performance of unit and compliance with the conditions of approval shall be undertaken by Approval Committee on the basis of Annual Performance Report (in Form I) duly certified by an independent Chartered Accountant before the end of the first quarter of the following financial year.
Now, the first quarter is changed to second quarter.