FOREIGN EXCHANGE MANAGEMENT

With the transition to a market-based system for determining the external value of the Indian rupee the foreign exchange market in India gained importance in the early reform period.

Notifications

(85 kb)
Date : Mar 31, 2020
Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2020

RESERVE BANK OF INDIA
FOREIGN EXCHANGE DEPARTMENT
CENTRAL OFFICE
MUMBAI 400 001

Notification No. FEMA 23(R)/(3)/2020-RB

March 31, 2020

Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2020

In exercise of the powers conferred by clause (a) of sub-section (1), sub-section (3) of section 7 and clause (b) of sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following amendments in the Foreign Exchange Management (Export of Goods & Services) Regulations, 2015 [Notification No. FEMA 23(R)/2015-RB dated January 12, 2016] (hereinafter referred to as 'the Principal Regulations'), namely:

1. Short title and commencement: -

These Regulations may be called the Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2020.

2. In the Principal Regulations, in regulation 9, in sub-regulation (1) and sub-regulation (2)(a), for the words “nine months”, the words “nine months or within such period as may be specified by the Reserve Bank, in consultation with the Government, from time to time” shall be substituted. Similarly, in sub-regulation (1) (a), for the words “fifteen months”, the words “fifteen months or within such period as may be specified by the Reserve Bank, in consultation with the Government, from time to time “shall be substituted.

3. In Regulation 9 (1)(b), for the words “period of nine months or fifteen months, as the case may be”, the words “said period” shall be substituted.

4. In proviso to Regulation 9 (2)(a), for the words “period of nine months”, the words “said period” shall be substituted.

(Ajay Kumar)
Regional Director
New Delhi

Published in the Official Gazette of Government of India – Extraordinary – Part-III, Section 4 dated March 31, 2020

Foot Note: - The Foreign Exchange Management (Export of Goods & Services) Regulations, 2015 [Notification No. FEMA 23(R)/2015-RB dated January 12, 2016] were published in the Official Gazette vide G.S.R.No.19 (E) dated January 12, 2016 in Part II, Section 3, sub-Section (i), amended vide G.S.R. No. 635(E) dated June 23, 2017 and subsequently amended vide No. FEMA 23(R)/(2)/2019-RB dated December 03, 2019.

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