{"id":296210,"date":"2023-07-07T10:30:07","date_gmt":"2023-07-07T05:00:07","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=296210"},"modified":"2023-07-07T10:23:20","modified_gmt":"2023-07-07T04:53:20","slug":"govt-notifies-special-economic-zone-third-amendment-2023-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2023\/07\/07\/govt-notifies-special-economic-zone-third-amendment-2023-legal-news\/","title":{"rendered":"Govt lays down various Procedures relating to import\/ export\/ procurement of Domestic Tariff Area of Ship by a Unit in IFSC"},"content":{"rendered":"
\n

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.<\/p>\n

Rule 29-B<\/b> relating to Procedure of import or export or procurement from or supply to Domestic Tariff Area of ship by a Unit in International Financial Services Centre (‘IFSC’)<\/b> has been inserted.<\/b><\/p>\n

Key Points:<\/b><\/p>\n

1. The Unit Setup in the IFSC<\/b> by the IFSC Authority will follow the following procedure:<\/p>\n

• Unit will file a Bill of Entry for home consumption giving the following details:<\/p>\n

✓ Stamped endorsement as “IFSC Cargo”<\/p>\n

✓ Invoice<\/p>\n

✓ Packing list<\/p>\n

✓ Authorized Officer will register and assign a running serial number<\/p>\n

✓ Authorized Officer will assess the Bill of Entry<\/p>\n

• While filing the bill of Entry, the entity will indicate the port of discharge as the respective customs port, where ship is expected to be received first time by the Unit.<\/p>\n

• Assessed Bill of Entry will be forwarded by the Authorised Officers to the customs officer at the place of import through an e-mail or any other mode authorised within 24 hours of filing of Bill of Entry.<\/p>\n

• Customs officer at the place of import will inspect marks and numbers of the ship and conduct examination.<\/p>\n

• The receipt of the examination and inspection report from customs officer by the Authorised Officer will be deemed to be the arrival of such goods in the IFSC by the Unit and completion of the customs procedure for out of charge of the goods.<\/p>\n

2. In case of Procurement of Ship from a Domestic Tariff Area,<\/b> the following procedure has to be followed by the Unit:<\/p>\n

• Lessor setup as a Unit in the IFSC can procure ship on purchase or on a lease basis.<\/p>\n

• for examination and inspection of marks and numbers of the ship, the Authorised Officer will communicate to the customs officer of concerned customs port within 24 hours of filing of respective documents by the Unit, through an e-mail or any other authorised mode;<\/p>\n

• Customs officials at the respective customs port will carry out examination or inspection of marks and numbers of such ship and forward examination or inspection report, including the location where the ship is anchored, stored or parked, to the Authorised Officer.<\/p>\n

3. Similarly, the procedure for supply\/ export of ship on lease or outright basis<\/b> are also covered under these rules.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

On 5-7-2023, the Ministry of Commerce and Industry notified the Special Economic Zones (Third Amendment) Rules, 2023 to amend the Special Economic <\/p>\n","protected":false},"author":67515,"featured_media":296205,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[59107,29553,25564,59108,29913,33711,59106],"class_list":["post-296210","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-domestic-tariff-area","tag-export","tag-import","tag-insternatinal-financial-services-centre","tag-procedure","tag-procurement","tag-sez-rules"],"yoast_head":"\nGovt notifies SEZ Third Amendment Rules 2023 | SCC Blog<\/title>\n<meta name=\"description\" content=\"Ministry of Commerce and Industry notified SEZ Third Amendment Rules 2023 laying down Procedures to import, 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Key Points: 1. The following definitions has been inserted: \u2022 IFSC Banking Company (\u2018IBC\u2019) meaning a Banking Unit licensed\u2026","rel":"","context":"In "Legislation Updates"","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\/2023\/07\/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\/2023\/07\/international-financial-services-centres-authority.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/07\/international-financial-services-centres-authority.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/07\/international-financial-services-centres-authority.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":239063,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/11\/12\/ifsc-authority-approves-the-international-financial-services-centres-authority-banking-regulations-2020\/","url_meta":{"origin":296210,"position":2},"title":"IFSC Authority approves the International Financial Services Centres Authority (Banking) Regulations, 2020","author":"Bhumika Indulia","date":"November 12, 2020","format":false,"excerpt":"The IFSC Authority, after detailed deliberations, approved the International Financial Services Centres Authority (Banking) Regulations, 2020. 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