Commerce Ministry Notifies Special Economic Zones (Fifth Amendment) Rules, 2024
By: Admin | December 27, 2024
Categories: Notification and Circular | SEZ | 4 Min Read
The Ministry of Commerce and Industry, Department of Commerce, has issued Notification No. K-43013(12)/1/2021-SEZ dated December 26, 2024, under Section 55 of the Special Economic Zones Act, 2005, to notify the Special Economic Zones (Fifth Amendment) Rules, 2024.
The amendment extends the deadline specified in Rule 43A(3) of the Special Economic Zones Rules, 2006, from “31st December, 2024” to “31st December, 2027.” As a result, stakeholders now have an additional three years for compliance or fulfilling related provisions.
Key Highlights
- Notification Details:
- Number: K-43013(12)/1/2021-SEZ
- Date Issued: December 26, 2024
- Issued By: Ministry of Commerce and Industry
- Effective Date:
The rules come into force on the date of their publication in the Official Gazette. - Amended Provision:
- Rule: Rule 43A, Sub-rule (3)
- Change: Extension of the deadline from December 31, 2024, to December 31, 2027.
- Objective:
The amendment provides additional time to SEZ units and developers for compliance or fulfilling specific regulatory requirements under the SEZ framework. This extension aims to facilitate smoother operations and long-term growth.
Legal Framework
The amendment has been made under the powers conferred by Section 55 of the Special Economic Zones Act, 2005.
Official Statement:
“These rules may be called the Special Economic Zones (Fifth Amendment) Rules, 2024, and shall come into force on the date of their publication in the Official Gazette.”
Moreover, this proactive move is expected to ease the compliance burden for stakeholders operating in Special Economic Zones, ultimately supporting their long-term growth and operational continuity.
