**Executive Summary**
This notification, FEMA 23(R)/(7)/2025-RB, dated November 13, 2025, introduces the Foreign Exchange Management (Export of Goods and Services) (Second Amendment) Regulations, 2025. The amendments modify the Principal Regulations, Notification No. FEMA 23(R)/2015-RB dated January 12, 2016, and will come into force from the date of their publication in the Official Gazette.
**Key Points / Main Content**
* **Short Title and Commencement:**
* These regulations are named the "Foreign Exchange Management (Export of Goods and Services) (Second Amendment) Regulations, 2025".
* The regulations will take effect upon publication in the Official Gazette.
* **Amendment to Regulation 9:**
* In Regulation 9 of the principal regulations:
* Sub-regulation (1): "nine months" is replaced with "fifteen months".
* Sub-regulation (2), clause (a): "nine months" is replaced with "fifteen months".
* **Amendment to Regulation 15:**
* In Regulation 15 of the principal regulations:
* Sub-regulation (1), clause (i): "one year" is replaced with "three years".
* Proviso to sub-regulation (1): "one year" is replaced with "three years".
* Sub-regulation (2): "one year" is replaced with "three years".
**Impact Analysis**
**Stakeholders: Exporters of Goods and Services**
**Impact:**
The regulations alter the timeframes specified in Regulations 9 and 15, extending certain periods from nine to fifteen months and one to three years, respectively.
**Action Required:**
Exporters need to be aware of the new timelines and adjust their operations and compliance procedures accordingly.
Key Entities Referenced
Foreign Exchange Management Act, 1999: The principal legislation governing foreign exchange in India, referenced as the source of power for the regulations.
Foreign Exchange Management (Export of Goods and Services) Regulations, 2015: The principal regulations being amended by this notification; also referenced as 'the Principal Regulations'.
Reserve Bank of India: The issuer of the notification and the regulator responsible for foreign exchange management.
Foreign Exchange Management (Export of Goods and Services) (Second Amendment) Regulations, 2025: The new regulations being introduced to amend the 2015 regulations.
RESERVE BANK OF INDIA
FOREIGN EXCHANGE DEPARTMENT
CENTRAL OFFICE
Mumbai 400 001
Notification No. FEMA 23(R)/(7)/2025-RB November 13, 2025
Foreign Exchange Management (Export of Goods and Services) (Second Amendment)
Regulations, 2025
In exercise of the powers conferred by Section 7, Section 8 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 to 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:-
(i) These regulations may be called the Foreign Exchange Management (Export of Goods and Services)
(Second Amendment) Regulations, 2025
(ii) They shall come into force from the date of their publication in the Official Gazette.
2. Amendment to Regulation 9:-
In the principal regulations, in regulation 9 -
(i) in sub-regulation (1) for the words ‘nine months’, the words ‘fifteen months’ shall be substituted.
(ii) in sub-regulation (2), in clause (a) for the words ‘nine months’, the words ‘fifteen months’ shall be
substituted.
3. Amendment to Regulation 15:-
In the principal regulations, in regulation 15 -
(i) in sub-regulation (1), in clause (i) for the words ‘one year’, the words ‘three years’ shall be substituted.
(ii) in proviso to sub-regulation (1), for the words ‘one year’, the words ‘three years’ shall be substituted.
(iii) in sub-regulation (2), for the words ‘one year’, the words ‘three years’ shall be substituted.
(Rohit P. Das)
Regional Director
Foot Note: The Principal Regulations were Published in the Official Gazette of Government of India –
Extraordinary – Part-II, Section 3, Sub-Section (i) dated 12.01.2016- G.S.R.No.19(E) and subsequently
amended vide the following, namely as under:-
i. G.S.R.No. 635(E) dated 23.06.2017ii. FEMA 23(R)/(2)/2019-RB dated December 03, 2019
iii. FEMA 23(R)/(3)/2020-RB dated March 31, 2020
iv. FEMA 23(R)/(4)/2021-RB dated January 08, 2021
v. FEMA 23(R)/(5)/2021-RB dated September 08, 2021
vi. FEMA 23(R)/(6)/2025-RB dated June 24, 2025