Goa Investment Promotion Act, 2014

No: 13 Dated: Nov, 11 2014

Goa Investment Promotion Act, 2014

An act to provide for the promotion and facilitation of investment in the State of Goa and constitution of the Goa Investment Promotion and Facilitation Board so as to introduce a mechanism with the prime objective of promoting and facilitating the investment in the State of Goa and matters connected therewith or incidental thereto.

Be it enacted by the Legislative Assembly of Goa in the Sixty-fifth Year of the Republic of India, as follows:— 

1. Short title, extent and commencement.— (1) This Act may be called the Goa Investment Promotion Act, 2014.

(2) It extends to the whole of the State of Goa.

(3) It shall come into force at once. 

2. Definitions.— In this Act, unless the context otherwise requires,—

(a) “agriculture” means and includes horticulture, animal husbandry, forestry, dairy and poultry farming, pisciculture, and other allied activities, whether or not undertaken jointly with agriculture and the expression “agricultural operations” shall be construed accordingly. Explanation.— For the purposes of this clause, “pisciculture” includes the development of fisheries, both inland and marine, catching of fish and all activities connected therewith or incidental thereto;

(b) “agriculture industry” includes the industrialized processing or production of livestock, poultry, fish, dairy and crops and includes techno-scientific, economic, and regional methods for industrialized agriculture;

(c) “Board” means the Goa Investment Promotion and Facilitation Board constituted under section 3; 

(d) “Clearance” means and includes grant or issue of no objection certificate, consent, enrolment, registration, permission, approval, licence, allotment, and the like by any competent authority/Government agency in connection with setting up of a business undertaking/project in the State of Goa;

(e) “Competent Authority” means and includes any Department or Government Agency, Panchayat, Municipal Corporation or Municipal Council or other local body/authority, which is entrusted with the powers and responsibilities to grant or issue any clearance;

(f) “Industrial facilitation services” means the assistance provided by the Government to the investor from the time he submits a valid project proposal to the Board till the project goes into commercialproduction;

(g) “Business Undertaking” means and includes an undertaking engaged in manufacturing and/or processing or for both or for providing service or for doing any other business or any other commercial activity to be notified by the Government;

(h) “Goa Investment Policy” means the Goa Investment Policy framed by the Government and as amended from time to time; 

(i) “Government‖ means the Government of Goa;

(j) “Government Agency” includes any Department of the Government, EDC Limited, Goa Industrial Development Corporation, Goa State Infrastructure Development Corporation, Goa Tourism Development Corporation, all other Government Corporations, Statutory Authorities, or bodies or any other body, by whatever name called, owned or controlled by the Government;

(k) “Investment” means any or all the preliminary and pre-operative expenses until the commencement of commercial production, capital expenditure, expenses on land, equipments, interest paid, if any, and administrative expenses, etc., relating to the project or expenses for the expansion of an existing project;