Responding to the opposition criticism that the money provided to Corporates in the past few years, in the form of tax holidays and subsidies, is many times more than the Flagship schemes of the UPA Government ( such as the NREGA), the Union Finance minister Pranab Mukherjee said today that there would be no more tax-free zones in the country.

The minister informed that the, Tax-free zone status in Himachal Pradesh and Uttarakhand was being withdrawn gradually following opposition by different states and the Renewal of tax free zone status of Sikkim, which would expire in 2017, would be reviewed on the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.

Instead of tax free zone, the Centre is considering creating special economic zones in backward districts, informed the minister.

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