SSC Economics Sample Paper NCERT Sample Paper-5

  • question_answer
    With reference to Special Economic Zone (SEZ), consider the following statements :
    1. SEZs have full freedom for subcontracting.
    2. They are exempted from routine examination by custom authorities.
    Which of the statements given above is/are correct?

    A)  1 only 

    B)  2 only

    C)  Both 1 and 2    

    D)  neither 1 nor 2

    Correct Answer: C

    Solution :

    [c] Both 1 and 2. The salient features of SEZs are: 'A designated duty free enclave to be treated as foreign territory only for trade operations and duties and tariffs. ? No license required for import. ? Manufacturing, trading or \service activities allowed. ? SEZ units to be positive net foreign exchange earner within three years. ? Domestic sales subject to full customs duty and import policy in force. ? Full freedom for subcontracting. ? Duty-free goods to be utilized over the approval period of 5 years. ? No routine examination by customs authorities of export/import cargo. ? Minimum size of multi-product SEZ, not to be less than 1000 hectares.

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