Special Economic Zones (Amendment) Rules, 2024: Govt. Provides Sourcing Options To Gems And Jewellery Units

The government has extended the sourcing options for gem and jewellery units by allowing them to obtain gold, silver, or platinum "or free of charge from foreign buyers and export thereof to the same foreign buyer.

The Ministry of Commerce and Industry has amended the Special Economic Zones Rules, 2006, under section 55 of the Special Economic Zones Act, 2005. The Special Economic Zones (Amendment) Rules, 2024, introduces a change to sub-rule (6) of rule 27 of the SEZ Rules.

Rule 27 of the SEZ Rules relates to import and procurement. As per Rule 27 (6) a gem and jewellery Unit may also source on outright purchase basis or loan basis, gold or silver or platinum through the Nominated Agencies “or free of charge from foreign buyer and Export thereof to the same foreign buyer” and where such sourcing is on loan basis, the same shall be subjected to the conditions applicable to such transactions under the provisions of the Foreign Trade Policy in force. Provided that the conditions applicable to loan transaction shall not apply where the Unit converts such loan into outright purchase by paying the outstanding loan amount and interest within the period for export prescribed under the Foreign Trade Policy applicable to the loan transaction.

Notification No. G.S.R. 105(E)

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