Central Govt. notifies insertion of Procedure of Import or Export or procurement from or supply to Domestic Tariff Area of ship by a Unit in IFSC under SEZ Rules [Read Notification]

The Ministry of Commerce and Industry, vide notification no. G.S.R. 481(E), notified the amendment of Special Economic Zone Rules, 2004 to insert Procedure of import or export or procurement from or supply to Domestic Tariff Area of ship by a Unit in International Financial Services Centres (IFSC) on 5th July 2023. The amendment shall be called the Special Economic Zones (Third Amendment) Rules, 2023. A new Rule 29A was inserted after Rule 29. According to the new rule “Notwithstanding anything in rule 29, the Unit setup in the International Financial Services Centre approved by the International Financial Services Centre Authority (in this rule referred to as “the Unit”), importing ship shall follow the procedure as given below, namely: -” The notification also contains some procedures. It includes: the Unit in the IFSC shall file Bill of Entry for home consumption in quintuplicate giving therein, description with specially stamped endorsement as “International Financial Services Centre Cargo” along with invoice and packing list through online system with the Authorised Officer who shall register and assign a running annual serial number and assess the Bill of Entry, on the basis of transaction value, which shall not require any counter signature of the Specified Officer; while filing the bill of Entry, the entity shall indicate the port of discharge as the respective customs port, where ship is expected to be received first time by the Unit: Provided that where the Bill of Entry is not assessed on the date of filing itself, the goods shall be allowed to be transferred to place designated by the Unit on the basis of the registered Bill of Entry if an endorsement to this effect has been made by the Authorised Officer: Provided further that, the place designated by the Unit shall be the customs area or customs port or customs shipyard, where ship is expected to be received for the first time by the Unit: Provided also that where the ship is supplied free of cost or on loan or lease basis, the Bill of Entry shall be filed jointly in the name of the Unit and the supplier; assessed Bill of Entry shall be forwarded by the Authorised Officers to the customs officer at the place of import through an e-mail or any other mode authorised within 24 hours of filing of Bill of Entry under these rules and the same shall be treated as permission for transfer of goods to the place designated by the Unit; on receipt of assessed Bill of Entry, the customs officer at the place of import shall inspect marks and numbers of the ship and conduct examination, if necessary, and forward examination or inspection report, including the location where the ship is anchored, stored or parked, to the Authorised Officer through an email or any other mode authorised under these rules within 24 hours of receipt of assessed Bill of Entry.; the receipt of the examination and inspection report from customs officer at the place of import by the Authorised Officer shall be deemed to be the arrival of such goods in the International Financial Services Centre by the Unit and completion of the customs procedure for out of charge of the goods; the Unit shall be responsible for ensuring that ship imported is under the custody of such person approved under section 45 of the Customs Act,1962, for the respective customs port till the customs discharge of such goods. Apart from the above procedures, the notification also states about the procedures: in case of procurement of ship from a Domestic Tariff Area by the Unit ;in case supply of ship on lease or outright basis by the Unit into the Domestic Tariff Area;in case of export of ship on lease or outright basis by the unit. Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates

Central Govt. notifies insertion of Procedure of Import or Export or procurement from or supply to Domestic Tariff Area of ship by a Unit in IFSC under SEZ Rules [Read Notification]

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