The Special Economic Zones (Fourth Amendment) Rules, 2022.

The Ministry of Commerce and Industry on 3^rd October 2022, published the Special Economic Zones (Fourth Amendment) Rules, 2022 through which it has notified the Procedure of import or export or procurement from or supply to Domestic Tariff Area of aircraft by a Unit in International Financial Services Centre.

As per the new rule, 29A if a  Unit based in the International Financial Services Centre approved by the International Financial Services Centre Authority, importing aircraft shall follow the procedure as given below, namely:-

1. the Unit in the International Financial Services Centre 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 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;
2. while filing the bill of Entry, the lessor shall indicate port of discharge or customs landing station as the respective customs airport or port or landing station where aircraft is expected to be received first time by the International Financial Services Centre Unit.
3.  assessed Bill of Entry shall be submitted to the customs officer at the place of import through an email or any other mode authorised under these rules and the same shall be treated as permission for transfer of goods to the place designated by the International Financial Services Centre Unit.
4. on receipt of assessed Bill of Entry, the customs officer at the customs airport shall inspect marks and numbers of the aircraft and conduct examination, if necessary, and forward examination or inspection report, including the location where the aircraft is stored or parked, to the Special Economic Zone Customs Authorised Officer through an e-mail or any other mode authorised under these rules.
5. the receipt of the report from customs officer at the customs airport and verification of the details from the assessed Bill of Entry by the Authorised Officer at the Gujarat International Finance TecCity Special Economic Zone shall be deemed to be the arrival of such goods to the International Financial Services Centre Unit and completion of the customs procedure for out of charge of the goods;
6. the International Financial Services Centre Unit shall be responsible for ensuring that aircraft imported by the International Financial Services Centre Unit is under the custody of such person approved under section 45 of the Customs Act, 1965, for the respective customs airport or port or landing station.

In case of supply of aircraft on lease or outright basis, or the International Financial Services Centre Unit based in Special Economic Zone into India shall follow a different procedure as notified under this amendment.