SEZ
Rules Amended - All Financial Services such as Deposits, Insurance Exempted
from NFE Obligations in GIFT City
·
The
Exemption earlier covered under AIF and Mutual Fund Widened
G.S.R. 334(E).—In exercise of the powers conferred by section 55 of the
Special Economic Zones Act, 2005 (28 of 2005), the Central Government hereby
makes the following rules further to amend the Special Economic Zones Rules,
2006, namely: -
1. (1) These rules may be
called the Special Economic Zones (Second Amendment) Rules, 2023.
(2) They shall come into
force on the date of their publication in the Official Gazette.
2. In the Special Economic
Zones Rules, 2006, for rule 53A, the following rule shall be substituted,
namely: -
‘53A. Exemption.- Nothing contained in rule 53
shall apply to a Unit setup in an International Financial Service Centre
providing financial service and regulated by the International Financial
Services Centres Authority.
Explanation. - For the
purpose of this rule, "financial service" shall have the meaning as
assigned to it in clause (e) of sub-section (1) of section 3 of the
International Financial Services Centres Authority Act, 2019 and “International
Financial Service Centre” shall have the meaning as assigned to it in clause
(g) of sub-section (1) section 3 of that Act.’.
[F. No. F-20019/3/2019-SEZ-Part(1)]