On 6th July, 2022, Central Government passed Special Economic Zones (Second Amendment) Rules, 2022. It will be coming into force with immediate effect.
Rule 19A is inserted, which is as under, –
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Key Amendment:
The authority unit stores bullion as an asset for the purpose of issuance of ‘bullion’ spot delivery/depository receipts as per Rule 19. These units will now be deemed as International Financial Services Centre.
These bullion stocks are traded in as ‘bullion’ exchange as per Section 4 of Securities Contracts (Regulation) Act, 1956.
- Note:
“bullion” means precious metals including gold, silver or any other precious metal in the form of bars or unallocated gold, silver, or such other precious metals, as the Authority may consider relevant in this regard, relating to good delivery, quality, quantity, and any other aspect in relation to bullion trading, from time to time, vide Finance Ministry’s Notification F. NO. 3/7/2020-EM.
*Shubhi Srivastava, Editorial Assistant has reported this brief.