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Date: 2019-12-09 Category: Extra Ordinary State: Union Government Country: India

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

Issued by Reserve Bank of India · Foreign Exchange Department

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Executive Summary & Key Takeaways

Executive Summary: This notification from the Reserve Bank of India amends the Foreign Exchange Management (Export of Goods and Services) Regulations, 2015. The amendment, effective from the date of publication in the Official Gazette, concerns the re-export of specific aviation assets. It addresses re-export permissions for leased aircraft, helicopters, engines, and auxiliary power units (APUs) under specific conditions. Key Points / Main Content: * **Amendment Overview:** * The Foreign Exchange Management (Export of Goods and Services) Regulations, 2015 are amended. * **Effective Date:** * The regulations come into force from the date of their publication in the Official Gazette. * **Regulation 4 Amendment:** * A new sub-regulation (ea) is inserted after sub-regulation (e) in regulation 4. * **Re-export Provision:** * Allows the re-export of leased aircraft, helicopters, engines, and/or auxiliary power units (APUs) repossessed by overseas lessors. * **Conditions for Re-export:** * Assets must be duly deregistered by the Directorate General of Civil Aviation (DGCA). * The deregistration must be at the request of the Irrevocable Deregistration and Export Request Authorisation (IDERA) holder under the Cape Town Convention. * Re-export is subject to permission by DGCA/Ministry of Civil Aviation. Impact Analysis: Overseas Lessors: * Impact: Facilitates the repossession and re-export of leased aviation assets in India under specific conditions, providing a clearer regulatory pathway. * Action Required: Ensure compliance with DGCA deregistration procedures via the IDERA, and obtain necessary re-export permissions from DGCA/Ministry of Civil Aviation. Directorate General of Civil Aviation (DGCA) / Ministry of Civil Aviation: * Impact: Responsible for deregistering aircraft/helicopters and granting permission for the re-export of aviation assets under the specified conditions. * Action Required: Implement procedures for deregistration requests from IDERA holders and for granting re-export permissions, consistent with the amended regulations. Reserve Bank of India: * Impact: The RBI is the issuing authority. * Action Required: Ensure the amended regulations are effectively communicated and implemented within the framework of foreign exchange management. Entities involved in Export/Import of Goods and Services: * Impact: Need to be aware of the changes, if their activities include the specified aviation assets. * Action Required: Understand the new regulations and ensure compliance when dealing with the re-export of leased aircraft, helicopters, engines, and APUs.

Key Entities Referenced

Reserve Bank of India: The central bank of India, responsible for regulating the foreign exchange market. 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. Foreign Exchange Management Export of Goods and Services Regulations, 2015: Regulations issued by the Reserve Bank of India pertaining to the export of goods and services under the Foreign Exchange Management Act. Foreign Exchange Management Export of Goods and Services Amendment Regulations, 2019: Amendment to the 2015 regulations regarding the export of goods and services. Mumbai, Maharashtra: The location of the Central Office of the Reserve Bank of India where the notification was issued. Directorate General of Civil Aviation: A governmental regulatory body in India that deals with the regulation of civil aviation. Cape Town Convention: An international treaty dealing with secured transactions, leasing, and conditional sales of high-value mobile equipment. Ministry of Civil Aviation: The ministry of the Government of India responsible for the formulation of national policies and programmes for the development and regulation of the Civil Aviation sector.
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Short title and commencement: - i. These Regulations may be called the Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2019. ii. They shall come into force from the date of their publication in the official Gazette. 2. In the Principal Regulations, in regulation 4, after sub-regulation (e), the following shall be inserted, namely :- “(ea) re-export of leased aircraft/ helicopter and/or engines/auxiliary power units (APUs) re-possessed by overseas lessor and duly de-registered by the Directorate General of Civil Aviation (DGCA) on the request of Irrevocable Deregistration and Export Request Authorisation (IDERA) holder under ‘Cape Town Convention’ subject to permission by DGCA/Ministry of Civil Aviation for such export/s.” R. K. MOOLCHANDANI, Chief General Manager [ADVT.-III/4/Exty./339/19] 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) and subsequently amended vide G.S.R. No. 635(E) dated June 23, 2017. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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