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Industry specific- SEZ Central Ministry of Finance Special Economic Zones Act, 2005

Modification in provisions of Special Economic Zones Act 2005 and Special Economic Zones Rules 2006

28-Feb-2024 | S.O. 940(E)

Department of Economic Affairs has issued modifications in provisions of the Special Eco Zones Act 2005 and Special Eco Zones Rules 2006, effective from 28th February 2024. The key highlights are: 1. Table 2 - Modifications in SEZ Rules 2006: a. Rule 17 (Sub-rule 1): A proviso is added, specifying that Units requiring IFSCA recognition must submit applications to the ?Administrator (IFSCA)? using Form FA, excluding Form F. b. New Form FA: A detailed application form is introduced for various approvals, including setting up units, IEC number allotment, land/office space allotment, and other necessary registrations. 2. Table 1-Modifications in SEZ Act 2005: a. Section 12 (Sub-section 6): The addition of a new sub-section (7) empowers the IFSCA to oversee recognition, registration, licenses, or authorizations for Units, with specific functions delegated to an appointed Administrator (IFSCA). b. Section 13 (Sub-section 2 -Clause (f)): A proviso is introduced, designating the Administrator (IFSCA) as the Chairperson of the Approval Committee for Units requiring IFSCA recognition. For detailed information, please refer to the attached document.

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