Special Economic Zone

Changes made to the sourcing of gems and jewellery units

MoCI, vide notification dated February 5, 2024, amended the SEZ Rules by issuing the SEZ (Amendment) Rules, 2024. The amendment extends the sourcing option for gem and jewellery units by allowing them to obtain gold, silver or platinum through the nominated agencies or free of charge from foreign buyers and export thereof to the same foreign buyers.

Financial products, services, and institutions to be included under IFSCs

MoF, vide notification dated February 28, 2024, amended the provisions of the SEZ Act, 2005 ("SEZ Act") and SEZ Rules. The key modifications are as follows:

1. a proviso is inserted to section 13 (2) (f) of the SEZ Act, stating that every approval committee must consist of a representative of the Developer concerned - Special invitee. Provided that for a unit requiring recognition, registration, license or authorisation by the IFSCA the Chairperson of the approval committee under