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

[Ministry of Commerce and Industry (Department of Commerce) Notification G.S.R. 334(E) dated 27th April, 2023]

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)]