CMA Final · Indirect Tax Laws and Practice · Special Economic Zone Scheme
Under the Special Economic Zones Act, 2005, the Board may suspend the letter of approval of a Developer. For how long at most may the letter of approval be suspended and an Administrator appointed under the suspension provision?
The Board may suspend a Developer's letter of approval for a period not exceeding one year and appoint an Administrator to manage the Special Economic Zone in that time. The statute sets one year as the ceiling, so shorter or longer periods are not the stated limit.
- ASix months
- BOne yearCorrect
- CTwo years
- DThree years
Explanation
Section 10(1) permits suspension of the letter of approval for a period not exceeding one year, with an Administrator appointed to discharge the Developer's functions. Six months, two years and three years are not the limit stated in the section.
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