The Department of Commerce on June 16, 2021 has published Special Economic Zones (Amendment) Rules, 2021 to further amend the Special Economic Zones Rules, 2006. The following amendment in the Special Economic Zones Rules, 2006 are as under: After rule 21 which specifies Offshore Banking Unit, the following rule shall be inserted, namely: - "21A. Setting up of Unit by Multilateral or Unilateral or International agencies in International Financial Services Centre. – (1) A Multilateral agency or Unilateral agency or International agency notified under the United Nations (Privileges and Immunities) Act, 1947 (46 of 1947) shall be allowed to set up their local or regional office in the International Financial Services Centre as a Unit. (2) The application for setting up and operation of such Unit in the International Financial Services Centre shall be made before the Board of Approval through the concerned Development Commissioner. (3) The terms and conditions for setting up and operations by such Units shall be laid down by the Board of Approval based on the recommendation of the Development Commissioner. (4) Notwithstanding anything contained under these Rules, the Board of Approval may exempt such Units from any provisions of these Rules including provisions relating to positive Net Foreign Exchange Earning or filing of Annual Performance Report or such other exemption, based on the recommendation of the Development Commissioner. (5) The proposal for extension of the Letter of Approval of such Units shall be considered by the Board of Approval."
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