**Policy Summary: Foreign Exchange Management (Export of Goods and Services) Amendment Regulations, 2020**
This notification, No. FEMA 23(R)/32020-RB, issued by the Reserve Bank of India (RBI), amends the Foreign Exchange Management (Export of Goods and Services) Regulations, 2015, Notification No. FEMA 23(R)/2015-RB dated January 12, 2016. The amendment, effective March 31, 2020, modifies Regulation 9 concerning the period for realization and repatriation of export proceeds. Specifically, sub-regulations 1, 1(a), and 2(a) are revised to allow the RBI, in consultation with the Government, to specify the period for realization of export proceeds beyond the existing nine months and fifteen months. The original notification FEMA 23(R)/2015-RB, was published in the Official Gazette vide G.S.R. No. 19(E) dated January 12, 2016, and subsequently amended vide G.S.R. No. 635(E) dated June 23, 2017, and No. FEMA 23(R)/2019-RB dated December 03, 2019. The amendments are made 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). Ajay Kumar, Regional Director, New Delhi, issued the notification.
Key Entities Referenced
Foreign Exchange Management Act, 1999: An act of the Parliament of India to make provision for facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India.
Reserve Bank of India: The central bank of India, responsible for the monetary policy and regulation of the Indian banking system.
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.
New Delhi: The location where Ajay Kumar, Regional Director, is based.
Foreign Exchange Management Export of Goods and Services Amendment Regulations, 2020: Amendment regulations to the Foreign Exchange Management Export of Goods and Services Regulations.
Mumbai, Maharashtra: Location of the Central Office of the Reserve Bank of India.
Ajay Kumar: Regional Director at Reserve Bank of India
रजिस्ट्री स.ं डी.एल.-33004/99 REGD. NO. D. L.-33004/99
सी.जी.-एम.एxचxx.-GअID.-H3x1xx0 32020-218976
CG-MHxx-xEG-I3D1E0x3x2x 020-218976
असाधारण
EXTRAORDINARY
भाग III—खण्ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 141] नई कदल्ली, मगं लर्ार, माच व31, 2020/चत्रै 11, 1942
No. 141] NEW DELHI, TUESDAY, MARCH 31, 2020/CHAITRA 11, 1942
भारतीय ररज़र् वबकैं
(जर्दिे ी मद्रु ा जर्भाग)
(केंद्रीय कायालव य)
अजधसचू ना
मुंबई, 31 माच,व 2020
जर्दिे ी मद्रु ा प्रबधं (माल तथा सर्े ाओं का जनयातव ) (सिं ोधन) जर्जनयमार्ली, 2020
स.ं फेमा 23(आर)/(3)/2020-आरबी.—जर्देिी मुद्रा प्रबंध अजधजनयम,1999 (1999 का 42) की धारा 7 की उप-
धारा (3), उप-धारा (1) के खडं (ए) तथा धारा- 47 की उप-धारा (2) के खंड (बी ) द्वारा प्रदत्त िजियों का प्रयोग करते हुए
भारतीय ररज़र्व बैंक जर्देिी मुद्रा प्रबंध (माल तथा सेर्ाओं का जनयावत) जर्जनयमार्ली, 2015 (12 िनर्री 2016 की
अजधसूचना सं. फेमा 23(आर)/2015-आरबी) (जिसे इसके पश्चात ‘मूल जर्जनयमार्ली’ कहा िाएगा) में जनम्नजलजखत
संिोधन करता ह,ै अथावत्:
1. सजं िप्त नाम और प्रारंभ :-
इन जर्जनयमों को जर्देिी मुद्रा प्रबंध (माल तथा सेर्ाओं का जनयावत) (संिोधन) जर्जनयमार्ली, 2020 कहा िाएगा।
2. मलू जर्जनयमार्ली म,ें जर्जनयम 9 के उप-जर्जनयम (1) तथा उप-जर्जनयम (2) (ए) म ें “नौ महीन”े इन िब्दों को “नौ
महीने अथर्ा ररज़र्व बैंक द्वारा समय-समय पर भारत सरकार के परामिव स,े जनधावररत की गई ऐसी ककसी अर्जध के भीतर”
द्वारा प्रजतस्ट्थाजपत ककया िाएगा। उसी प्रकार उप-जर्जनयम (1) (ए) में “पंद्रह महीने” इन िब्दों को “पंद्रह महीन े अथर्ा
ररज़र्व बैंक द्वारा समय-समय पर भारत सरकार के परामि व स,े जनधावररत की गई ऐसी ककसी अर्जध के भीतर” द्वारा
प्रजतस्ट्थाजपत ककया िाएगा।
1647 GI/2020 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
3. जर्जनयम 9(1)(बी)म ें “नौ महीने अथर्ा पंद्रह महीन े की अर्जध, िैसा भी मामला हो” इन िब्दों को “उि अर्जध” िब्दों
द्वारा प्रजतस्ट्थाजपत ककया िाएगा।
4. जर्जनयम 9(2)(ए) के परंतकु में “नौ महीने की अर्जध” इन िब्दों को “उि अर्जध” िब्दों द्वारा प्रजतस्ट्थाजपत ककया
िाएगा।
अिय कुमार, िेत्रीय जनदेिक, नई कदल्ली
[जर्ज्ञापन-III/4/असा./529/19]
पाद रिप्पणी : जर्देिी मुद्रा प्रबंध (माल तथा सेर्ाओं का जनयावत) जर्जनयमार्ली, 2015 (12 िनर्री 2016 की
अजधसूचना सं. फेमा 23 (आर)/2015-आरबी) को कदनांक 12 िनर्री 2016 के सा.का.जन. सं.19 (अ) के
माफवत भारत के सरकारी रािपत्र के भाग II, खंड-3, उप-खंड (i) म ें प्रकाजित ककया गया और 23 िून
2017 के सा.का.जन. स.ं 635 (अ) द्वारा इस े संिोजधत ककया गया तथा उस े बाद म ें फेमा 23 (आर)/ 2015-
आरबी) कदनांक 03 कदसंबर 2019 द्वारा संिोजधत ककया गया।
RESERVE BANK OF INDIA
(Foreign Exchange Department)
(CENTRAL OFFICE)
NOTIFICATION
Mumbai, the 31st March, 2020
Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2020
No. FEMA 23(R)/(3)/2020-RB.—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
[ADVT. III/4/Exty./529/19]
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), 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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and Published by the Controller of Publications, Delhi-110054.