In a significant move, the Ministry of Commerce and Industry has issued a notification, G.S.R. 105(E), amending the Special Economic Zones (SEZ) Rules, 2006. The newly introduced SEZ (Amendment) Rules, 2024, comes into force immediately.
Under the amendment, foreign buyers are now permitted to provide gold to SEZs free of charge for re-export.
This victory paves the way for enhanced trade opportunities, allowing for the free supply of gold from foreign buyers and its subsequent export back to the same foreign buyer. Vipul Bansal, Joint Secretary, has signed the notification.
The principal rules were initially published in the Gazette of India and were last amended through notification number G.S.R 881(E) dated December 6, 2023.
Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough & Polished
