SEEPZ Company Full Form
Santacruz Electronics Export Processing Zone
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| SEEPZ Company Full Form |
History/Introduction of SEEPZ Company
Santacruz Electronics Export Processing Zone(SEEPZ) is a Special Economic Zone(SEZ) in Mumbai, India. Located in the Andheri East area, it is subjected to liberal economic laws as associated with the rest of India to promote rapid economic growth, exploitation tax and business incentives and appeal foreign investment and technology.
Its headquarter is in Mumbai, India. SEEPZ was formed in 1973 and was perceived as an export processing zone. SEEPZ is used to manufacture and export the electronic substances in an area of 110 acres of land rented through the Maharashtra Industrial Development Corporation(MIDC). SEEPZ is a high entrance security zone and employees of all companies are required to have a permanent SEEPZ gate pass for entrance. Due to disturbances, the government projected to make SEEPZ a free trade zone which means no excise or customs duty will ever be imposed on raw materials. Its ideas are to endorse exports of goods and services, the development of infrastructure conveniences and also generate employment opportunities. It also benefits in the growth of electronic world markets i.e. foreign exchange objectives and export.
What is the full form of SEEPZ company?
The full form of SEEPZ company is Santacruz Electronics Export Processing Zone(SEEPZ).
What is SEEPZ?
Santacruz Electronics Export Processing Zone(SEEPZ) is a Special Economic Zone(SEZ) that mainly consists of electronic hardware manufacturing companies, software companies and jewellery exporters from India. During 2006-2007, out of $5210.69 million, more than 40 percent of India's total jewelry exports ($2,222.31 million) came from units within the SEEPZ.
There are above 400 units inside the SEEPZ (Santacruz Electronic Export Processing Unit). Policing is completed by the Customs Wing of the Ministry of Finance and Metals and Minerals Trading Corporation LTD(MMTC) is the custodian of SEEPZ, Commerce Ministry Unit. Most of the buildings in the zone are constructed to look like from the outside; They are known as standard design factories. Others are constructed by designers to the taste of the owners. SEEPZ employees of all companies need a permanent SEEPZ gate pass to gain entrance inside the SEEPZ (with banks, custodian offices, customs officers who police the SEEPZ locations).
Visitors need a permit to enter. Due to these limitations, the government projected to make SEEPZ a free trade zone(FTZ) in 1999. Though, visitor passes and the gate pass rules continue today. Making SEEPZ and FTZ meant that it would be measured outside the customs area of India. This meant that customs duty or no excise duty would ever be taxed on the raw materials, companies would have to trade their products or services abroad to earn back the valuable foreign exchange for the country that would be able to trade those goods utilizing hard currency that was paid on imports. Because of its high concentration of work force and commercial importance, SEEPZ remain a main target of terrorists and criminals. A high-profile case appeared in 1999 when gold worth ₹39 billion (US$510 million) and diamonds worth ₹1,000 million (US$13 million) were sold and run in the local market.
Conclusion
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