• Under the SEZ Act, Free Trade and Warehousing Zones can be statutorily created.

• Under the SEZ Act, International Financial Services Centre can be statutorily created.

• “Free Trade and Warehousing Zone” means a Special Economic Zone, wherein mainly trading and warehousing, and other activities take place.

• “International Financial Services Centre” means an International Financial Services Centre which has been approved by the Central Government under sub-section (1) of section 18. The first International Financial Services Centre has been created in Gandhinagar in Gujarat (GIFT City).

• Baba Kalyani Committee was created to reform the SEZ Act.