The Central Government vide notification dated 6th July, 2022 has issued the Special Economic Zones (Second Amendment) Rules, 2022. The amendment provides that any Unit authorized to store bullion as the underlying asset for the purpose of issuance of a bullion spot delivery contract or bullion depository receipt with underlying bullion that is traded in a bullion exchange shall be deemed to be in an International Financial Services Centre.
The “bullion exchange” means a stock exchange in an International Financial Services Centre, recognized under Securities Contracts (Regulation) Act, 1956 (42 of 1956) in respect of bullion spot delivering contract and bullion depository receipt with underlying bullion.
