The Reserve Bank of India (RBI) on July 02, 2024, issued a notification regarding the Regulation of Foreign Trade under Foreign Exchange Management Act (FEMA), 1999 – Draft Regulations and Directions.
Over the years, the Reserve Bank has progressively liberalized policies governing foreign exchange transactions under FEMA, 1999. Continuing these efforts, and as announced in the June 2024 Statement on Developmental and Regulatory Policies, it has been decided to streamline regulations for export and import transactions. The proposed regulations aim to enhance the ease of doing business, particularly for small exporters and importers, and to enable Authorised Dealer banks to offer quicker and more efficient services to their foreign exchange customers.
Draft regulations under FEMA and directions to Authorised Dealer Banks are now available for public review and feedback.
Comments and feedback on these draft proposals can be emailed to [email protected] by September 01, 2024, with the subject line “Feedback on draft regulations and directions on export and import under FEMA.
[Notification No. 2024-2025/615]
