Punjab Bureau of Investment Promotion Act, 2016

No: 32 Dated: Nov, 09 2016

THB PUNJAB BUREAU OF INVESTMENT PROMOTION ACT, 2016

(Punjab Act No. 32 of 2016)

    An Act to provide for expenditious clearance of investment proposals (both regulatory and fiscal) in the State of Punjab and to implement investment promotion policies that may be announced by the State Government from time to time and for the matters connectetd therewith or incidental thereto

    Be it enacted by the Legislature of the State of Punjab in the SixtySeventh year of the Republic of India as follows:

1. Short title and commencement:- (1) This Act may be called the Punjab Bureau of Investment Promotion Act, 2016.

(2) It shall come into force on and with effect from tlre date of its publication in the Official Gazette.

2. Definitions:- In this Act, unless the context otlterwise requires, -

(a) "Board of Governors" or "BoG" means the Board of Governors of the Bureau;

(b) "Bureau" means the Punjab Bureau of Investment Promotion;

(c) "Chief Executive Officer" means the Chief Executive Officer of tlre Bureau;

(d) "entrepreneur" means an entity who decides to set up an enterprise and includes,-

(i) an individual;

(ii) a Hindu Undivided Family;

(iii) a company;

(iv) a registered firm;

(v) a Limited Liability Partnership as per the Limited Liability Partnership Act, 2008 (Central Act 6 of 2009);

(vi) an association of persons or a body of individuals, whether incorporated or not, in India or outside India;

(vii) any corporation established by or under any Central or State Act or a Government Company as defined under clause (45) of section 2 of the Companies Act, 2013 (Central Act 18 of 2013);

(viii) any body corporate incorporated by or under the laws of a country outside India; and

(ix) a co-operative society registered under any law relating to a co-operative society;

(e) "Executive Committee" or "E.C." means the Executive Committee of the Bureau;

(f) "Government" means the Government of the State of Punjab in the Department of Investment Promotion;

(g) "policy" means any notified policy, regulation, package or programme of the Government;

(h) "prescribed" means prescribed by rules made under this Act; and

(i) "section" means a section of this Act.

3. Establishment of Bureau:- (1) There shall be established a Bureau to be known as the Punjab Bureau of Investment Promotion.

(2) The Bureau shall be a body corporate as well as an authority, having perpetual succession and a common seal. It shall have the power to acquire, hold and sell the property, both moveable and immoveable, and shall by the said name sue or be sued.