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of <h1>India Updates SEZ Procedures: Duty-Free Imports, Simplified Exports, and New Rules for Gems & Jewelry Units.</h1> The circular outlines updated procedures for operating units within Special Economic Zones (SEZs) in India, following amendments to the Export and Import Policy and Handbook of Procedures. Key aspects include the treatment of SEZs as foreign territories for tax purposes, allowing duty-free imports for manufacturing and export activities, and simplified processes for import and export through various modes. It details procedures for sub-contracting, temporary removal of goods, inter-unit transfers, and duty remission on destroyed goods. Specific provisions apply to gem and jewelry units, including restrictions and allowances for exchange and export. The circular also covers DTA sales, disposal of obsolete goods, and valuation procedures, while emphasizing self-certification and monitoring by a designated committee. It includes transitional arrangements for existing units and bond requirements for SEZ operations.
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