Rule 21A - Setting up of Unit by Multilateral or Unilateral or International agencies in International Financial Services Centre - Special Economic Zones Rules, 2006

1 [21A. Setting up of Unit by Multilateral or Unilateral or International agencies in International Financial Services Centre. - (1) A Multilateral agency or Unilateral agency or International agency notified under the United Nations (Privileges and Immunities) Act, 1947 (46 of 1947) shall be allowed to set up their local or regional office in the International Financial Services Centre as an Unit. (2) The application for setting up and operation of such Unit in the International Financial Services Centre shall be made before the Board of Approval through the concerned Development Commissioner. (3) The terms and conditions for setting up and operations by such Units shall be laid down by the Board of Approval based on the recommendation of the Development Commissioner. (4) Notwithstanding anything contained under these Rules, the Board of Approval may exempt such Units from any provisions of these Rules including provisions relating to positive Net Foreign Exchange earning or filing of Annual Performance Report or such other exemption, based on the recommendation of the Development Commissioner. (5) The proposal for extension of the Letter of Approval of such Units shall be considered by the Board of Approval. ] ************ NOTES:- 1. Inserted vide NOTIFICATION NO. G.S.R. 424 (E) dated 16-06-2021