{"id":269815,"date":"2022-07-08T12:30:00","date_gmt":"2022-07-08T07:00:00","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=269815"},"modified":"2022-07-08T10:16:46","modified_gmt":"2022-07-08T04:46:46","slug":"bullion-exchange-units-will-now-be-deemed-ifscs-vide-special-economic-zones-second-amendment-rules-2022","status":"publish","type":"post","link":"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\/","title":{"rendered":"Bullion exchange units will now be deemed IFSCs vide Special Economic Zones (Second Amendment) Rules, 2022"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"text-indent: 18pt;\">\n<p style=\"text-indent: 18pt; margin-bottom: 3%;\">On 6<span style=\"vertical-align: super;\">th<\/span> July, 2022, Central Government passed <span style=\"font-weight: bold;\">Special Economic Zones (Second Amendment) Rules, 2022<\/span>. It will be coming into force with immediate effect.<\/p>\n<p style=\"text-indent: 18pt;\"><i>Rule 19A<\/i> is inserted, which is as under, &#8211;<\/p>\n<ul>\n<li>\n<p style=\"font-weight: bold;\">Key Amendment:<\/p>\n<p>The authority unit stores bullion as an asset for the purpose of issuance of \u2018bullion&#8217; spot delivery\/depository receipts as per <span style=\"font-style: italic;\">Rule 19<\/span>. These units will now be deemed as <span style=\"font-weight: bold;\">International Financial Services Centre<\/span>.<\/p>\n<p>These bullion stocks are traded in as \u2018bullion&#8217; exchange as per <i>Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0001558111\">4<\/a><\/i> of <a href=\"http:\/\/www.scconline.com\/DocumentLink\/8Xj668B0\">Securities Contracts (Regulation) Act, 1956<\/a>.<\/li>\n<li><b>Note:<\/b>\n<p>\u201c<span style=\"font-weight: bold; font-style: italic;\">bullion<\/span>\u201d means precious metals including gold, silver or any other precious metal in the form of bars or unallocated gold, silver, or such other precious metals, as the Authority may consider relevant in this regard, relating to good delivery, quality, quantity, and any other aspect in relation to bullion trading, from time to time, <i>vide<\/i> <span style=\"font-weight: bold;\">Finance Ministry&#8217;s<\/span> <span style=\"font-weight: bold;\">Notification<\/span> <a href=\"http:\/\/www.scconline.com\/DocumentLink\/xB0qGr0z\">F. NO. 3\/7\/2020-EM.<\/a><\/li>\n<\/ul>\n<hr \/>\n<p style=\"text-indent: 18pt;\"><strong><span style=\"color: #000080;\">*Shubhi Srivastava, Editorial Assistant has reported this brief.<\/span><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>On 6th July, 2022, Central Government passed Special Economic Zones (Second Amendment) Rules, 2022. It will be coming into force with immediate <\/p>\n","protected":false},"author":67011,"featured_media":266806,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[50093,38410,2824,50092],"class_list":["post-269815","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-bullion","tag-ifsc","tag-Ministry_of_Finance","tag-speciale-conomic-zones"],"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>Bullion exchange units will now be deemed IFSCs vide Special Economic Zones (Second Amendment) Rules, 2022 | SCC Times<\/title>\n<meta name=\"description\" content=\"On 6th July, 2022, Central Government passed Special Economic Zones (Second Amendment) Rules, 2022. 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notifies IFSCA (Bullion Market) Regulations, 2025 repealing 2020 regulations","author":"Kriti","date":"February 17, 2025","format":false,"excerpt":"Grant in-principal approval will be valid for 1 year which can extend up to maximum 6 more months.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"International Financial Services Centres Authority","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/06\/International-Financial-Services-Centres-Authority.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/06\/International-Financial-Services-Centres-Authority.webp?resize=350%2C200&ssl=1 1x, 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