Ministry of Commerce amended SEZ Rules and inserted new Rule 74A. It states that Transfer of assets by SEZ units on Exits is allowed subject to the followig condidtions:
1. the unit has held a valid lease deed for a period of five years and valid Letter of approval on the date of transfer.
2. the unit has been operational for atleast a period of two years.
The date of transfer can be the date of appication. So on th date of transfer or application by a unit if it HAS HELD a letter of approval for five years, say , a unit applies on 10.9.2014 and HAS HELD a valid letter of aprpoval during 2005-2010 that is for a period of five years, he will be well within his contention that he satisfies the condition. But the government is saying that on the date of transfer he should be holding a valid letter of approval and is not interpreting the wording HAS HELD correctly. Please enlighten.
