Which of the following is/are related to the Special Economic Zone (SEZ)?
I. Import of goods for free domestic procurement or operations, maintenance and development of SEZ units.

II. There is a single window clearance for central and state level approvals.

III. Customs officials do not go for regular inspection of goods for import and export.

Correct option is B

The correct answer is (b) All of the above
Explanation:
• Point I is correct: SEZ units are allowed to import goods and services for the purpose of development, operation, and maintenance of the units without payment of customs duty.
• Point II is correct: The SEZ Act provides for a Single Window Clearance mechanism for setting up units and obtaining approvals from both Central and State government authorities.
• Point III is correct: SEZs operate on a basis of self-certification; there is no routine or regular examination of export and import cargo by Customs Authorities.
• These zones are considered Foreign Territory for trade operations, duties, and tariffs, even though they are located within the country.
• The primary objective is to increase exports, create employment, and attract Foreign Direct Investment (FDI).
Information Booster:
• The Special Economic Zones Act was passed in India in 2005 and came into effect in 2006.
• SEZs are governed by a three-tier administrative set-up: The Apex Body (Board of Approval), the Unit Approval Committee, and the Development Commissioner.