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Date: 01-May-2023 Category: Extra Ordinary State: Union Government Country: India

Publication of the Notification for Amendment is SEZ Rules, 2006

Issued by Ministry of Commerce and Industry · Department of Commerce

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Executive Summary & Key Takeaways

What it means

  • The notification introduces the Special Economic Zones (Second Amendment) Rules, 2023, which amends the Special Economic Zones Rules, 2006.
  • The amendment provides an exemption from rule 53 of the Special Economic Zones Rules, 2006 for units set up in an International Financial Service Centre (IFSC) that provide financial services and are regulated by the International Financial Services Centres Authority (IFSCA).

Key Changes

  • Rule 53A is substituted in the Special Economic Zones Rules, 2006.
  • The new rule 53A exempts units in IFSCs providing financial services and regulated by IFSCA from the provisions of rule 53 of the Special Economic Zones Rules, 2006.
  • The terms 'financial service' and 'International Financial Service Centre' are defined with reference to the International Financial Services Centres Authority Act, 2019. 'Financial Service' has the same meaning as defined in clause (e) of sub-section (1) of section 3 of the International Financial Services Centres Authority Act, 2019. 'International Financial Service Centre' has the same meaning as defined in clause (g) of sub-section (1) of section 3 of that Act.

Impact Analysis

Impact on IFSC Units

  • The notification promotes ease of doing business within IFSCs.

Impact on IFSCA

  • It aligns SEZ rules with the IFSCA Act, 2019, ensuring a consistent regulatory framework.

Impact on Government

  • This amendment could attract more investment and boost economic activity within IFSCs.

Suggested Action Items

  • The Department of Commerce should monitor the impact of this amendment on the growth and development of IFSCs.

Key Entities Referenced

Special Economic Zones Act, 2005: The principal legislation governing the establishment, development, and management of Special Economic Zones in India. Special Economic Zones Rules, 2006: The rules framed under the Special Economic Zones Act, 2005, providing detailed procedures and guidelines for the operation of SEZs. International Financial Services Centres Authority Act, 2019: The legislation establishing the International Financial Services Centres Authority to regulate financial services in International Financial Services Centres in India. International Financial Services Centres Authority (IFSCA): The unified regulator for the development and regulation of financial services, financial institutions and financial products in the International Financial Services Centres (IFSCs) in India. International Financial Service Centre (IFSC): A special economic zone that facilitates financial services to non-residents and residents, to the extent permissible under the current regulations.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-01052023-245548 xxxGIDHxxx CG-DL-E-01052023-245548 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (i) PART II—Section 3—Sub-section (i) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 264] नई दिल्ली, सोमवार, मई 1, 2023/विै ाख 11, 1945 No. 264] NEW DELHI, MONDAY, MAY 1, 2023/VAISAKHA 11, 1945 वाजणज्य और उद्योग मत्रं ालय (वाजणज्य जवभाग) अजधसचू ना नई दिल्ली, 27 अप्रलै , 2023 सा.का.जन. 334(अ).—केंद्रीय सरकार, जविेष आर्थिक िोन अजधजनयम, 2005 (2005 का 28) की धारा 55 द्वारा प्रित्त िजियों का प्रयोग करते हुए, जविेष आर्थिक िोन जनयम, 2006 का और संिोधन करन े के जलए जनम्नजलजखत जनयम बनाती ह,ै अथाित्: - 1.(1) इन जनयमों का संजिप्त नाम जविेष आर्थिक िोन (िसू रा संिोधन) जनयम, 2023 ह।ै (2) य ेरािपत्र म ेंइनके प्रकािन की तारीख को प्रवृत्त होंगे। 2. जविेष आर्थिक िोन जनयम, 2006 म,ें जनयम 53 क के स्ट्थान पर, जनम्नजलजखत जनयम रखा िाएगा, अथाित्: - '53क. छूट - जनयम 53 में अतं र्विष्ट कोई भी बात जवत्तीय सेवा प्रिान करन े वाले और अंतराष्ट्रि ीय जवत्तीय सेवा केंद्र प्राजधकरण द्वारा जवजनयजमत दकसी अंतरािष्ट्रीय जवत्तीय सेवा केंद्र में स्ट्थाजपत दकसी इकाई पर लाग ूनहीं होगी। स्ट्पष्टीकरण- इस जनयम के प्रयोिन के जलए, "जवत्तीय सेवा" का वही अथ ि होगा िो इस े अतं राष्ट्रि ीय जवत्तीय सेवा केंद्र प्राजधकरण अजधजनयम, 2019 की धारा 3 के उप-धारा (1) खडं (ङ) में दिया गया ह ैऔर "अंतरािष्ट्रीय जवत्तीय सेवा केंद्र" का वही अथि होगा, िो उस अजधजनयम की धारा 3 के उप-धारा (1) खंड (छ) म ेंदिया गया दकया गया ह।ै 2816 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] [फा. स.ं एफ-20019/3/2019-एसईिेड–भाग(1)] एल सत्या श्रीजनवास, अपर सजचव टटप्पण.- मलू जनयम भारत के रािपत्र, असाधारण, भाग-2, खंड 3, उप खडं (i) में अजधसचू ना संखयांक सा.का.जन. 54 (अ), तारीख 10 फरवरी, 2006 द्वारा प्रकाजित दकए गए थ े और अंजतम बार अजधसूचना संखयांक सा.का.जन. 125 (अ), तारीख 23 फरवरी, 2023 द्वारा, संिोजधत दकए गए। MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) NOTIFICATION New Delhi, the 27th April, 2023 G.S.R. 334(E).—In exercise of the powers conferred by section 55 of the Special Economic Zones Act, 2005 (28 of 2005), the Central Government hereby makes the following rules further to amend the Special Economic Zones Rules, 2006, namely: - 1. (1) These rules may be called the Special Economic Zones (Second Amendment) Rules, 2023. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Special Economic Zones Rules, 2006, for rule 53A, the following rule shall be 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.’. [F. No. F-20019/3/2019-SEZ-Part(1)] L SATYA SRINIVAS, Addl. Secy. Note.- The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section 3, Sub-section (i), vide notification number G.S.R 54(E), dated the 10th February, 2006 and lastly amended vide notification number G.S.R. 125(E), dated the 23rd February, 2023. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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