Amendment status not verified — confirm the current text below against the official source.
Declaration of Investment Promotion Area.— (1) Notwithstanding anything to the contrary contained in any other State law for the time being in force, the Government may, by notification in the Official Gazette,— (a) declare an area which is,— (i) recommended by the Board; and (ii) having the potential to develop adequate facilities like power, roads, water supply, etc., to be an Investment Promotion Area. (b) appoint the Board or Sub-Committee or any other committee or Officer thereof for the purpose of the assessment and recovery of any taxes when imposed as per the provisions made thereof; (c) declare that the provisions of any State law relating to local authorities providing for control or erection of buildings, levy and collection of taxes, fees and other dues to the local authority which is in force in such Investment Promotion Area shall cease to apply and thereupon such provisions shall cease to apply thereof: Provided that the Municipal Corporation, Municipalities and the Village Panchayats which were receiving house tax, other taxes or fees from the occupants in such Investment Promotion Area under their respective laws, shall be compensated by the Government to the extent of the last financial year’s collection of such house tax, other taxes or fees for such period as may be determined by the Government which shall not be less than five years; (d) make other provision as is necessary for the purpose of enforcement of the provision so provided to that area. (2) Before publication of a notification under sub-section (1), the Government shall - 16 - cause to be published in the Official Gazette and also in at least one newspaper published in a language other than English and circulating in the area to be specified in the notification, inviting all persons who entertain any objections to the said proposal to submit the same in writing with reasons therefor to the Government within one month from the date of publication of the proclamation in the Official Gazette. (3) No such notification under sub-section (1) shall be issued by the Government, unless the objections, if any, so submitted are in its opinion insufficient or invalid.