Department of Commerce vide notification dated 27th April, 2023 has issued the Special Economic Zones (Second Amendment) Rules, 2023. The amendment provides that nothing contained in rule 53 shall apply to a Unit setup in an International Financial Service Centre providing financial service and regulated by the International Financial Services Centers Authority.
The rule 53 provides that a unit shall achieve Positive Net Foreign Exchange to be calculated cumulatively for a period of five years from the commencement of production.
