SEZ Units Authorised to Store Bullion will be Deemed to be Unit in IFSC Gift City

· Rule 19A Inserted in SEZ Rules 2006

[MoC&I Notification G.S.R. 519(E) dated 6 July 2022]

[Ref: See @page 718 of BIG’s Foreign Trade Policy, 4^th Edn July 2022 for SEZ Rules 2006]

G.S.R. 519(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, 2022.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Special Economic Zones Rules, 2006, after rule 19, the following rule shall be inserted, namely: -

“19A. Unit deemed to be in International Financial Services Centre.- Any Unit authorised under rule 19 to store bullion as the underlying asset for the purpose of issuance of a bullion spot delivery contract or bullion depository receipt with underlying bullion that is traded in a bullion exchange shall be deemed to be in an International Financial Services Centre.

Explanation. - For the purpose of this rule, -

(a) “bullion”, “bullion spot delivery contract”, and “bullion depository receipt with underlying bullion” shall have the same meaning as respectively assigned to them in the notification of the Government of India in the Ministry of Finance, Department of Economic Affairs, No. S.O. 2957 (E) dated the 31st August, 2020 issued under the International Financial Services Centres Authority Act, 2019 (50 of 2019);

(b) “bullion exchange” means a stock exchange in an International Financial Services Centre, recognised under section 4 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) in respect of bullion spot delivering contract and bullion depository receipt with underlying bullion.”.

[F. No. K-43014(19)/1/2018-SEZ]