Setting Up of Unit by Multilateral or Unilateral or International Agencies in International Financial Services Centre
· Rule 21A Inserted in Special Economic Zones Rules, 2006
[Department of Commerce Notification G.S.R. 424 (E) dated 16 June 2021]
G.S.R. 424 (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. Short title and commencement.-(1) These rules may be called the Special Economic Zones (Amendment) Rules, 2021.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Special Economic Zones Rules, 2006 (hereinafter referred to as the said rules), after rule 21, the following rule shall be inserted, namely: -
"21A. Setting up of Unit by Multilateral or Unilateral or International agencies in International Financial Services Centre. -
(1) A Multilateral agency or Unilateral agency or International agency notified under the United Nations (Privileges and Immunities) Act, 1947 (46 of 1947) shall be allowed to set up their local or regional office in the International Financial Services Centre as an Unit.
(2) The application for setting up and operation of such Unit in the International Financial Services Centre shall be made before the Board of Approval through the concerned Development Commissioner.
(3) The terms and conditions for setting up and operations by such Units shall be laid down by the Board of Approval based on the recommendation of the Development Commissioner.
(4) Notwithstanding anything contained under these Rules, the Board of Approval may exempt such Units from any provisions of these Rules including provisions relating to positive Net Foreign Exchange earning or filing of Annual Performance Report or such other exemption, based on the recommendation of the Development Commissioner.
(5) The proposal for extension of the Letter of Approval of such Units shall be considered by the Board of Approval.".