The Ministry of Commerce and Industry (MoCI) on May 01, 2023, issued the Special Economic Zones (Second Amendment) Rules, 2023 further to amend the Special Economic Zones Rules, 2006.
The following amendments have been stated:
• For rule 53A, the following rule has been 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.’.
They shall come into force on May 01, 2023.
[Notification No. G.S.R. 334(E)]
