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Business Standard
3 days ago
- Business
- Business Standard
Government notifies SEZ reforms to boost Semiconductor and Electronics component manufacturing
The Union government has introduced pioneering reforms in the Special Economic Zones (SEZ) rules to address the specialized needs of semiconductor and electronics component manufacturing sectors. Since manufacturing in these sectors is highly capital intensive, import dependent and involve longer gestation periods before turning profitable, rule amendments have been carried out to promote pioneering investments and boost manufacturing in these high technology sectors. After amendments in Rule 5 of SEZ Rules, 2006, an SEZ set up exclusively for the manufacturing of semiconductors or electronic components will require a minimum contiguous land area of only 10 hectares, reduced from the earlier requirement of 50 hectares. Further, amendment to Rule 7 of SEZ Rules, 2006, allows the Board of Approval for SEZs to relax the condition requiring SEZ land to be encumbrance-free in cases where it is mortgaged or leased to the Central or State Government or their authorized agencies. The amended Rule 53 will allow the value of goods received and supplied on a free-of-cost basis to be included in Net Foreign Exchange (NFE) calculations and assessed using applicable customs valuation rules. Moreover, amendments have been made in Rule 18 of the SEZ Rules to allow SEZ units in semiconductor as well as electronics component manufacturing sector to also supply domestically into the Domestic Tariff area as well after payment of applicable duties. The amendments will boost high-tech manufacturing, spur growth of semiconductor manufacturing ecosystem and create high skilled jobs in the country. These amendments have been notified by the Department of Commerce on 3rd June, 2025.
Time of India
4 days ago
- Business
- Time of India
Govt approves Micron Semiconductor's proposal to set up SEZ
The government on Monday said it has approved the proposals from Micron Semiconductor Technology India and Hubballi Durable Goods Cluster (Aequs Group) for setting up SEZs for manufacturing of semiconductors and electronic components. Micron will establish its SEZ facility in Sanand, Gujarat, over an area of 37.64 hectares with an estimated investment of Rs 13,000 crore, while Aequs will establish its SEZ in Dharwad, Karnataka, over an area of 11.55 hectares to manufacture electronics components with an estimated investment of Rs 100 crore. The decision followed the easing of certain SEZ ( special economic zone ) rules to promote the manufacturing of semiconductors and electronics components. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Quando o fungo nas unhas não melhora, faça isso imediatamente (incrível) Acabe com o Fungo Undo "Subsequently, the Board of Approval for SEZs has accorded approval to the proposals received from Micron Semiconductor Technology India Pvt Ltd (MSTI) and Hubballi Durable Goods Cluster Private Ltd (Aequs Group) for setting up SEZs for manufacturing of semiconductors and electronic components, respectively," the commerce ministry said in a statement. Since manufacturing in these sectors is highly capital intensive, import dependent and involves longer gestation periods before turning profitable, rule amendments have been carried out to promote pioneering investments and boost manufacturing in these high technology sectors, it said. Live Events As per a change in the rule, an SEZ set up exclusively for the manufacturing of semiconductors or electronic components will require a minimum contiguous land area of only 10 hectares, reduced from the earlier requirement of 50 hectares. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Now, the value of goods received and supplied on a free-of-cost basis will be included in Net Foreign Exchange (NFE) calculations. "Moreover, amendments have been made in Rule 18 of the SEZ Rules to allow SEZ units in the semiconductor as well as electronics component manufacturing sector to also supply domestically into the Domestic Tariff area after payment of applicable duties," it added. The amendments will boost high-tech manufacturing in the country, spur the growth of the semiconductor manufacturing ecosystem and create high-skilled jobs in the country, it added. These amendments have been notified by the Department of Commerce on June 3 2025.
Mint
4 days ago
- Business
- Mint
Govt approves Micron Semiconductors proposal to set up SEZ
New Delhi, Jun 9 (PTI) The government on Monday said it has approved the proposals from Micron Semiconductor Technology India and Hubballi Durable Goods Cluster (Aequs Group) for setting up SEZs for manufacturing of semiconductors and electronic components. Micron will establish its SEZ facility in Sanand, Gujarat, over an area of 37.64 hectares with an estimated investment of ₹ 13,000 crore, while Aequs will establish its SEZ in Dharwad, Karnataka, over an area of 11.55 hectares to manufacture electronics components with an estimated investment of ₹ 100 crore. The decision followed the easing of certain SEZ (special economic zone) rules to promote the manufacturing of semiconductors and electronics components. "Subsequently, the Board of Approval for SEZs has accorded approval to the proposals received from Micron Semiconductor Technology India Pvt Ltd (MSTI) and Hubballi Durable Goods Cluster Private Ltd (Aequs Group) for setting up SEZs for manufacturing of semiconductors and electronic components, respectively," the commerce ministry said in a statement. Since manufacturing in these sectors is highly capital intensive, import dependent and involves longer gestation periods before turning profitable, rule amendments have been carried out to promote pioneering investments and boost manufacturing in these high technology sectors, it said. As per a change in the rule, an SEZ set up exclusively for the manufacturing of semiconductors or electronic components will require a minimum contiguous land area of only 10 hectares, reduced from the earlier requirement of 50 hectares. Now, the value of goods received and supplied on a free-of-cost basis will be included in Net Foreign Exchange (NFE) calculations. "Moreover, amendments have been made in Rule 18 of the SEZ Rules to allow SEZ units in the semiconductor as well as electronics component manufacturing sector to also supply domestically into the Domestic Tariff area after payment of applicable duties," it added. The amendments will boost high-tech manufacturing in the country, spur the growth of the semiconductor manufacturing ecosystem and create high-skilled jobs in the country, it added. These amendments have been notified by the Department of Commerce on June 3 2025.
Zawya
09-05-2025
- Business
- Zawya
Nigeria Unlocks Intra-African Trade with New Pan-African Payment & Settlement System (PAPSS) Policy Boost
The Pan-African Payment&Settlement System (PAPSS) warmly welcomes the new circular from the Central Bank of Nigeria (CBN), announcing a significant streamlining of documentation requirements for PAPSS transactions in Nigeria. This progressive policy, announced on 28 April 2025, sets the stage for faster, more cost-effective, and more inclusive participation by Nigerians and Nigerian businesses, especially Small and Medium Enterprises (SMEs), involved in intra-African commerce under the African Continental Free Trade Area (AfCFTA). With the new announcement, individuals and businesses in Nigeria will now be able to make PAPSS transactions efficiently; with less delays occasioned by paperwork. Only basic KYC (Know Your Customer) and AML (Anti-Money Laundering) documents are required for clearance of payments under US$2,000 (for individuals) and US$5,000 (for corporates) per month. This makes it easier for Nigerian SMEs to trade across Africa under the AfCFTA, with fewer heavy documentation barriers than ever before. The announcement also empowers commercial banks to source foreign exchange for PAPSS through Nigeria's Foreign Exchange market. As PAPSS continues to expand across Africa — with 16 countries, 14 payment switches, and more than 150 commercial banks now connected, including 22 banks in Nigeria — the streamlined requirements will eliminate barriers and encourage broader use of our secure, instant, local currency-based platform. Mike Ogbalu III, CEO of PAPSS, commented: 'Today marks a transformational milestone for Nigerian commerce and for the larger vision of African economic integration. We are grateful to the Central Bank of Nigeria for its unwavering support and vision in propelling Nigeria towards seamless intra-African payments under the AfCFTA. 'This bold policy move by the CBN will empower banks, businesses, and entrepreneurs to connect, trade, and pay more easily than ever before. The directive removes excess paperwork from a large number of transfers, empowering Nigerian businesses to participate more freely in the African Continental Free Trade Area by utilising our secure, local currency-based platform. 'We also expect Nigerian banks to begin integrating PAPSS into their digital platforms such as mobile apps and online banking in the near future, promoting even wider adoption. 'PAPSS is at the forefront of the African advancement towards a truly borderless African economy and achieving the ultimate goal of economic self-determination. We encourage all stakeholders across the continent to follow in Nigeria's footsteps, embrace PAPSS, and become part of the transformation that will define the way Africa does payments and accelerate the realisation of the African Continental Free Trade Area goals.' Distributed by APO Group on behalf of Afreximbank. Contact person: Papa Thiongane communications@ Follow us on: LinkedIn: Twitter: Facebook: YouTube: About PAPSS: The Pan-African Payment and Settlement System – PAPSS is a centralised Financial Market Infrastructure that enables the efficient flow of money securely across African borders, minimising risk and contributing to financial integration across the regions. PAPSS works in collaboration with Africa's central banks to provide a payment and settlement service to which commercial banks and licensed payment service providers across the region can connect as 'Participants'. Afreximbank and the African Union ('AU') first announced PAPSS at the Twelfth Extraordinary Summit of the African Union held on July 7, 2019, in Niamey, Niger Republic, therefore adopting PAPSS as a key instrument for the implementation of the African Continental Free Trade Agreement (AfCFTA). Further, in its thirteenth (13th) extraordinary session, held on December 5, 2020, the assembly of the African Union directed Afreximbank and the AfCFTA secretariat to finalise, among others, work on the Pan-African Payments and Settlements System (PAPSS). The 35th Ordinary Session of the Assembly of the AU further directed the AfCFTA and Afreximbank to deploy the system to cover the entire continent. PAPSS was officially launched in Accra, Ghana, on January 13, 2022, thus making it available for use by the public. For more information, visit:
The Hindu
06-05-2025
- Business
- The Hindu
Rupee falls 8 paise to 84.38 against U.S. dollar in early trade
The rupee traded in a narrow range in morning trade on Tuesday (May 6, 2025) and fell 8 paise to 84.38 against the U.S. dollar, tracking the rise in the dollar index and fall in Asian currencies, amid growing uncertainty and a cautious recalibration of risk appetite. According to (Foreign Exchange) Forex traders, the USD/INR pair was supported by an overall decline in crude oil prices and sustained foreign fund inflows while ongoing geopolitical tensions between India and Pakistan weighed on investor sentiment, keeping the rupee on edge. At the interbank foreign exchange, the domestic unit opened at 84.28 and fell to an early high of 84.26 and a low of 84.38 against the greenback, registering a loss of 8 paise over its previous close. On Monday, the rupee surged 24 paise to settle at 84.30 against the U.S. dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.03% at 99.79. Brent crude, the global oil benchmark, rose 1.53% to $61.15 per barrel in futures trade. According to traders, markets are now grappling with the realisation that Donald Trump's policy volatility could resurface at any moment, shaking any fragile sense of calm and this shift in sentiment has prompted a flight to safety. President Trump's abrupt announcement of a 100% tariff on all foreign-made movies has shifted investor focus, not because of its direct economic impact, but because of what it signals- renewed unpredictability at the top, CR Forex advisors MD Amit Pabari said. The rupee is supported by positive signals surrounding a potential U.S.-India trade deal and the recent OPEC+ decision to increase oil output for the second consecutive month. The Organisation of the Petroleum Exporting Countries Plus (OPEC+) is a coalition of 12 OPEC members and 10 major non-OPEC oil-exporting nations. For an oil-importing nation like India, this development is a welcome relief and reduces external pressure on the rupee, Mr. Pabari noted. "Given the crosscurrents, USD/INR is expected to remain volatile. Near-term support lies around 83.75, with upward potential toward 84.80 and possibly 85.20, depending on how the global narrative unfolds in the days ahead," he said. In the domestic equity market, the 30-share BSE (Bombay Stock Exchange) Sensex declined 73.60 points, or 0.09%, to 80,723.24, while the Nifty fell 20.55 points, or 0.08%, to 24,440.60. Foreign Institutional Investors (FIIs) bought equities worth ₹497.79 crore on a net basis on Monday, according to exchange data.
