Special Economic Zones (Fourth Amendment) Rules, 2022

Oct 04, 2022 | by TeamLease RegTech Legal Research Team

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Commercial ComplianceThe Ministry of Commerce and Industry (MoCI) on October 03, 2022 has issued the Special Economic Zones (Fourth Amendment) Rules, 2022 to further amend The Special Economic Zones Rules, 2006. This has come into force on October 03, 2022.

The following has been amended namely: -

• The following Rule 29A has been inserted namely: -

“Procedure of import or export or procurement from or supply to Domestic Tariff Area of aircraft by a Unit in International Financial Services Centre”

• The following has been stated under the new rule: -

1. Unit based in the International Financial Services Centre approved by the International Financial Services Centre Authority, importing aircraft shall follow the procedure stated in this rule.

2. The Procedure to be followed by the International Financial Services Centre Unit in case of procurement of aircraft from the Domestic Tariff Area.

3. The procedure to be followed in case of the supply of aircraft on lease or outright basis, or the International Financial Services Centre Unit based in Special Economic Zone into India.

4. The procedure to be followed by the International Financial Services Centre Unit based in Special Economic Zone in case of export of aircraft on lease or outright basis.

 

[Notification No. G.S.R. 761(E)]

 


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