The Ministry of Commerce and Industry on July 06, 2022 has issued the Special Economic Zones (Second Amendment) Rules, 2022 to further amend the Special Economic Zones Rules, 2006.
The following amendment has been made:
• Rule 19A, which specifies Unit deemed to be in International Financial Services Centre has been 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 August 31, 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.”.
[Notification No. G.S.R. 519(E)]
