**Policy Summary: Amendment to Foreign Exchange Management (Export of Goods and Services) Regulations, 2017**
This notification, issued by the Reserve Bank of India (RBI), Foreign Exchange Department, Central Office, Mumbai, amends the Foreign Exchange Management (Export of Goods and Services) Regulations, 2015. The notification number is FEMA 23(R)/2017-RB, dated June 23, 2017.
The amendment, formally titled the "Foreign Exchange Management (Export of Goods and Services) Amendment Regulations, 2017," removes the requirement for submitting exchange control copies of shipping bills under sub-regulation (C) of Regulation 6. Specifically, the phrase "and Exchange Control copies of the shipping bills" is deleted after the words "viz. EDF and SOFTEX."
These regulations take effect from the date of their publication in the Official Gazette, June 23, 2017. The principal regulations, which are being amended, were originally published in the Official Gazette vide G.S.R. No. 19(E) dated January 12, 2016, in Part II, Section 3, Sub-Section (i). The amending notification was published in the Official Gazette of the Government of India [Extraordinary, Part II, Section 3, Sub-Section (i)] under G.S.R. No. 635(E) dated June 23, 2017.
Jyoti Kumar Pandey, Chief General Manager, is listed.
Key Entities Referenced
Reserve Bank of India: The central bank of India, responsible for regulating the country's monetary policy and foreign exchange.
Foreign Exchange Management Act, 1999: An act of the Parliament of India to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India.
Foreign Exchange Management Export of Goods and Services Regulations, 2015: Regulations pertaining to the management of foreign exchange related to the export of goods and services.
Foreign Exchange Management Export of Goods and Services Amendment Regulations, 2017: Amendments made in 2017 to the regulations concerning foreign exchange management related to export of goods and services.
Mumbai, Maharashtra: The city in which the central office of the Reserve Bank of India is located.
Section 7: Section of Foreign Exchange Management Act, 1999 which gives power to Reserve Bank of India
Section 47: Section of Foreign Exchange Management Act, 1999 which gives power to Reserve Bank of India to make regulations
Jyoti Kumar Pandey: Chief General Manager at Reserve Bank of India
RESERVE BANK OF INDIA
FOREIGN EXCHANGE DEPARTMENT
CENTRAL OFFICE
MUMBAI 400 001
Notification No. FEMA 23(R)/(1)/2017-RB June 23, 2017
Foreign Exchange Management (Export of Goods and Services)
(Amendment) Regulations, 2017
In exercise of the powers conferred by sub-section (3) of Section 7 and 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], namely:
1. Short title and commencement:-
(i) These Regulations may be called the Foreign Exchange Management (Export of Goods & services)
(Amendment) Regulations, 2017.
(ii) They shall come into force from the date of publication in the official Gazette.
2. Amendment of the Regulation 6:
In sub-regulation (C), after the words, “viz. EDF and SOFTEX”, the words “and Exchange Control copies of the
shipping bills” shall be deleted.
(Jyoti Kumar Pandey)
Chief General Manager
Foot Note:-
The Principal Regulations 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).
Published in the Official Gazette of Government of
India – Extraordinary – Part-II, Section 3, Sub-Section
(i) dated 23.06.2017- G.S.R.No. 635(E)