Net Foreign Exchange Earnings - CBEC's Customs Manual 2023 - Customs

7. Net Foreign Exchange Earnings: 7.1 SEZ units shall achieve positive Net Foreign Exchange Earnings (NFE), which is calculated cumulatively for a period of 5 years from the commencement of production, subject to conditions prescribed in terms of Rule 53 of the SEZ Rules. Nothing contained in rule 53 shall apply- a) to a unit in an International Financial Service Centre set up as Alternate Investment Fund or Mutual Fund to the extent of any inflow of investible funds from investors, any investment made from such investible funds and returns on them inclusive of principal return and any return paid to investors from such investments including the original investment. b) to a unit in an International Financial Service Centre set up as an International Financial Service Centre Insurance office to the extent of the portion of premium income over and above the amount retained for management expenses within the maximum rate stipulated for expenses of management by the Insurance Regulatory and Development Authority under the Insurance Regulatory and Development Authority of India{Registration and operations of International Financial Service Centre Insurance Offices(IIO)} Guidelines, 2017, Investment made from the said portion of premium income and returns on them, inclusive of principal return and any amount paid towards insurance or reinsurance claims