{"id":250203,"date":"2021-06-23T10:19:39","date_gmt":"2021-06-23T04:49:39","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=250203"},"modified":"2021-06-23T10:19:39","modified_gmt":"2021-06-23T04:49:39","slug":"special-economic-zones-amendment-rules-2021","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/23\/special-economic-zones-amendment-rules-2021\/","title":{"rendered":"Special Economic Zones (Amendment) Rules, 2021"},"content":{"rendered":"<p style=\"text-align: justify;\">On June 16, 2021, the Department of Commerce has published Special Economic Zones (Amendment) Rules, 2021 to further amend the Special Economic Zones Rules, 2006.<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">The following amendment in the Special Economic Zones Rules, 2006 are as under:<\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\">After rule 21 which specifies Offshore Banking Unit, the following rule shall be inserted, namely: &#8211;<\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span style=\"color: #008080;\"><strong>&#8220;21A. Setting up of Unit by Multilateral or Unilateral or International agencies in International Financial Services Centre. \u2013\u00a0<\/strong><\/span><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span style=\"color: #008080;\">(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 a Unit.\u00a0<\/span><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span style=\"color: #008080;\">(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.\u00a0<\/span><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span style=\"color: #008080;\">(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.\u00a0<\/span><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span style=\"color: #008080;\">(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.\u00a0<\/span><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\"><span style=\"color: #008080;\">(5) The proposal for extension of the Letter of Approval of such Units shall be considered by the Board of Approval.&#8221;<\/span><\/p>\n<p style=\"text-align: justify; padding-left: 40px;\">\n","protected":false},"excerpt":{"rendered":"<p>On June 16, 2021, the Department of Commerce has published Special Economic Zones (Amendment) Rules, 2021 to further amend the Special Economic <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[],"class_list":["post-250203","post","type-post","status-publish","format-standard","hentry","category-legislationupdates","category-rules_regulations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Special Economic Zones (Amendment) Rules, 2021 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/23\/special-economic-zones-amendment-rules-2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta 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The provisions came into force on 7-11-2023. Key Points: Rule 43-A relating to \u201cHybrid working\u201d has been revised. The following categories of employees can be\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"ministry of commerce and industry","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/07\/ministry-of-commerce-and-industry.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/07\/ministry-of-commerce-and-industry.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/07\/ministry-of-commerce-and-industry.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/07\/ministry-of-commerce-and-industry.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":285581,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/02\/27\/ministry-of-commerce-industry-notified-special-economic-zones-amendment-rules-sez-legal-update-legal-research-legal-news\/","url_meta":{"origin":250203,"position":1},"title":"Rule 21 B providing units dealing in aircraft leasing activities, introduced vide SEZ (Amendment) Rules, 2023","author":"Kriti","date":"February 27, 2023","format":false,"excerpt":"On 24-2-2023, the Ministry of Commerce and Industry notified the Special Economic Zones (Amendment) Rules, 2023 to amend the Special Economic Zones Rules, 2006. The provisions came into effect on 24-2-2023. Rule 21 B has been inserted providing Units dealing with aircraft leasing activities. Where any unit in an International\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Ministry of Commerce and Industry","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/Ministry-of-Commerce-and-Industry.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/Ministry-of-Commerce-and-Industry.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/Ministry-of-Commerce-and-Industry.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/02\/Ministry-of-Commerce-and-Industry.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":122341,"url":"https:\/\/www.scconline.com\/blog\/post\/2017\/04\/12\/first-international-financial-services-centre-set-up-at-gujarat-international-finance-tec-city-gift-gandhinagar\/","url_meta":{"origin":250203,"position":2},"title":"First International Financial Services Centre set up at Gujarat International Finance Tec-City (GIFT), Gandhinagar","author":"Saba","date":"April 12, 2017","format":false,"excerpt":"Section 18 of the Special Economic Zones Act, 2005 provides for the setting up of an International Financial Services Centre (IFSC) in a Special Economic Zone (SEZ). Subsequent to the approval received under the Act, the country\u2019s first International Financial Services Centre (IFSC) has become operational at the Gujarat International\u2026","rel":"","context":"In &quot;Hot Off The Press&quot;","block_context":{"text":"Hot Off The Press","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/hot_off_the_press\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":296210,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/07\/07\/govt-notifies-special-economic-zone-third-amendment-2023-legal-news\/","url_meta":{"origin":250203,"position":3},"title":"Govt lays down various Procedures relating to import\/ export\/ procurement of Domestic Tariff Area of Ship by a Unit in IFSC","author":"Kriti","date":"July 7, 2023","format":false,"excerpt":"On 5-7-2023, the Ministry of Commerce and Industry notified the Special Economic Zones (Third Amendment) Rules, 2023 to amend the Special Economic Zones Rules, 2006. The provisions came into effect on 5-7-2023. Rule 29-B relating to Procedure of import or export or procurement from or supply to Domestic Tariff Area\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"ministry of commerce and industry","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/07\/ministry-of-commerce-and-industry.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/07\/ministry-of-commerce-and-industry.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/07\/ministry-of-commerce-and-industry.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/07\/ministry-of-commerce-and-industry.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":270150,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/15\/provision-for-work-from-home-for-the-unit-introduced-vide-sez-third-amendment-rules-2022\/","url_meta":{"origin":250203,"position":4},"title":"Provision for Work from Home for the Unit introduced vide SEZ (Third Amendment) Rules, 2022","author":"Bhumika Indulia","date":"July 15, 2022","format":false,"excerpt":"On 13-07-2022, the Ministry of Commerce and Industry has issued the Special Economic Zones (Third Amendment) Rules, 2022 to further amend the Special Economic Zones Rules, 2006. A new Rule 43A has been introduced which provides that a Unit may permit its employees, including contractual employees, to work from home\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-153.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-153.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-153.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-153.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-153.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":269815,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/08\/bullion-exchange-units-will-now-be-deemed-ifscs-vide-special-economic-zones-second-amendment-rules-2022\/","url_meta":{"origin":250203,"position":5},"title":"Bullion exchange units will now be deemed IFSCs vide Special Economic Zones (Second Amendment) Rules, 2022","author":"Editor","date":"July 8, 2022","format":false,"excerpt":"On 6th July, 2022, Central Government passed Special Economic Zones (Second Amendment) Rules, 2022. It will be coming into force with immediate effect. Rule 19A is inserted, which is as under, - Key Amendment: The authority unit stores bullion as an asset for the purpose of issuance of \u2018bullion' spot\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Central Government Notification","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/MicrosoftTeams-image-226.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/MicrosoftTeams-image-226.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/MicrosoftTeams-image-226.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/MicrosoftTeams-image-226.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/05\/MicrosoftTeams-image-226.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/250203","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=250203"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/250203\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=250203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=250203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=250203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}