Financial Daily from THE HINDU group of publications
Sunday, Apr 03, 2005
Financial Daily from THE HINDU group of publications Sunday, Apr 03, 2005 |
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Logistics
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Supply Chain Management MMTC to set up six free trade warehousing zones Our Bureau
New Delhi , April 2 MMTC Ltd proposes to set up six Free Trade and Warehousing Zones (FTWZs) in various parts of the country. The sites for the proposed six FTWZs are in Kandla, NOIDA, Haldia, Ennore, Mumbai and Kochi. An official release said that the minimum investment at each site would be Rs 100 crore. Further, each FTWZ would have a built-up area of 5 lakh sq.m. It is expected that some of the warehousing zones would be in place during 2006. The Government had in the Foreign Trade Policy 2004-09, which was announced in August 2004, introduced the concept of FTWZ. The scheme was started with a view to providing global standard warehousing zones in India. The FTWZ scheme envisages duty-free imports of all goods (except prohibited items) for warehousing. The FTWZs would also be exempted from Indian income-tax and service tax. Further, in these zones, it would be possible to undertake transactions in free foreign currency.
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