Siliguri, Saturday, August 13, 2011: Union Finance minister Pranab Mukherjee today said there would be no more tax-free zones in the country. Tax-free zone status in Himachal Pradesh and Uttarakhand was being withdrawn gradually following opposition by different states, Mukherjee said.

Renewal of tax free zone status of Sikkim, which would expire in 2017, would be reviewed on the basis of the socio-economic conditions of the state at that time, he told reporters here.

Mukherjee said that instead of tax free zone, the Centre was considering creating special economic zones in backward districts. In reply to another question, he said,”India cannot remain unaffected by the negative trend in the global market and it is a reality.

(News Agency)