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Special Economic Zones Act, 2005

THE THIRD SCHEDULE

(See Section 57)

Amendment to Certain Enactments

PART I

Amendments to the Insurance Act, 1938 (4 of 1938)

1.      In Section 2-C, in sub-section (1), after the third proviso, insert-

"Provided also an insurer, being an Indian Insurance Company, insurance co-operative society or a body corporate referred to in clause (c) of this sub-section carrying on the business of insurance, may carry on any business of insurance in any Special Economic Zone as defined in clause (za) of Section 2 of the Special Economic Zones Act, 2005.".

a.    

b.     After Section 2-C, insert-

"2-CA. Power of Central Government to apply provisions of this Act to Special Economic Zones.-The Central Government may, by notification, direct that any of the provisions of this Act,-

a.      shall not apply to insurer, being an Indian Insurance Company, insurance co-operative society or a body corporate referred to in clause (c) of sub-section (1) of Section 2-C, carrying on the business of insurance, in any Special Economic Zone as defined in clause (za) of Section 2 of the Special Economic Zones Act, 2005; or

b.     shall apply to any insurer, being an Indian Insurance Company, insurance co-operative society or a body corporate referred to in clause (c) of sub-section (1) of Section 2C, carrying on the business of insurance, in any Special Economic Zone as defined in clause (za) of Section 2 of the Special Economic Zones Act, 2005 only with such exceptions, modifications and adaptations as may be specified in the notification.".

Part II

Amendments to the Banking Regulation Act, 1949 (10 of 1949)

1.      Section 53 shall be renumbered as sub-section (1) thereof and in sub-section (1) as so re-numbered, for "banking company or institution or to any class of banking companies", substitute,-

"banking company or institution or to any class of banking companies or any of their branches functioning or located in any Special Economic Zone established under the Special Economic Zones Act, 2005.".

1.     

2.      After sub-section (1) as so numbered, the following sub-section shall be inserted, namely:-

"(2) A copy of every notification proposed to be issued under sub-section (1), shall be laid in draft before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in disapproving the issue of the notification or both Houses agree in making any modification in the notification, the notification shall not be issued or, as the case may be, shall be issued only in such modified form as may be agreed upon by both the Houses.".

Part III

Amendment to the Indian Stamp Act, 1899 (2 of 1899)

In Section 3, in the proviso, after clause (2), insert,-

'(3) any instrument executed, by, or, on behalf of, or, in favour of, the Developer, or Unit or in connection with the carrying out of purposes of the Special Economic Zone.

Explanation.-For the purposes of this clause, the expressions "Developer", "Special Economic Zone" and "Unit" shall have meanings respectively assigned to them in clause (g), (za) and (zc) of Section 2 of the Special Economic Zones Act, 2005.'.



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