The Ministry of Finance has released a notification amending the Special Economic Zones Act, 2005 and the Special Economic Zone Rules, 2006.
Key Highlights:
Setting up of Unit
Applicants intending to set up a unit who also require requiring recognition, registration, license or authorisation by the International Financial Services Centres Authority (“IFSCA”) must submit a proposal in Form FA to the “Administrator (IFSCA)” which will then be sent to the Approval Committee for its approval. The Administrator (IFSCA) may, after approval of the proposal, grant the letter of approval to the person concerned to set up any Unit and undertake such operations, requiring recognition, registration, license or authorisation by the IFSCA.
Further, relevant information regarding such Units must be shared by the Administrator (IFSCA) with the Development Commissioner of the SEZ on a monthly basis or as may be required from time to time.
Approval Committee Constitution
It has been clarified that for Units requiring recognition, registration, license or authorisation by the IFSCA, the Chairperson of the Committee will be the Administrator (IFSCA)
Functions of Development Commissioner
The powers of a Development Commissioner will be discharged by an officer nominated by the IFSCA to be designated as “Administrator (IFSCA)” for units requiring recognition, registration, license or authorisation by the IFSCA.
For further details please refer to the document attached herewith for your ease of reference.
Source: Ministry of Finance
