{"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 v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\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 property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Special Economic Zones (Amendment) Rules, 2021\" \/>\n<meta property=\"og:description\" content=\"On June 16, 2021, the Department of Commerce has published Special Economic Zones (Amendment) Rules, 2021 to further amend the Special Economic\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/23\/special-economic-zones-amendment-rules-2021\/\" \/>\n<meta property=\"og:site_name\" content=\"SCC Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/scc.online\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-23T04:49:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/03\/ministry-of-commerce-industry.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1330\" \/>\n\t<meta property=\"og:image:height\" content=\"887\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Bhumika Indulia\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Bhumika Indulia\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/06\\\/23\\\/special-economic-zones-amendment-rules-2021\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/06\\\/23\\\/special-economic-zones-amendment-rules-2021\\\/\"},\"author\":{\"name\":\"Bhumika Indulia\",\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/#\\\/schema\\\/person\\\/919ec47cc1b871b362af05740398033a\"},\"headline\":\"Special Economic Zones (Amendment) Rules, 2021\",\"datePublished\":\"2021-06-23T04:49:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.scconline.com\\\/blog\\\/post\\\/2021\\\/06\\\/23\\\/special-economic-zones-amendment-rules-2021\\\/\"},\"wordCount\":236,\"commentCount\":0,\"articleSection\":[\"Legislation Updates\",\"Rules &amp; 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