New Delhi: In recent developments the Commerce ministry has directed the developers seeking to give back Special Economic Zones will have to submit an undertaking that the land is used according to the guidelines drafted by the Government of India.

According to the SEZ guidelines all the submission proposals must have a clearance letter from the state government and such lands after denotification will be handed over to the respective state governments.

The state governments will also ensure that the acquired SEZ land is used in creating infra projects which fulfill the SEZ objectives originally thought off, according to the drafted rules.

SEZ was an attraction for investors; it has lost its sheen after the Cabinet implement Minimum Alternate Tax and Dividend Tax in 2011. There are certain provisions in the DTC tax also held responsible. The global slowdown is like rubbing salt in the injury.

More than 58 developers have surrendered their SEZ citing global slowdown. The Centre has initially approved 576 SEZ zones out of which 173 have starting exporting.

During the first quarter of the year these zones gave Rs 1.13 lakh crore while the country’s total export aggregated to Rs 1.05 lakh crore.