**Executive Summary**
This document is a notification from the Reserve Bank of India, issuing the Foreign Exchange Management (Export of Goods and Services) (Second Amendment) Regulations, 2025. The regulations amend the Foreign Exchange Management (Export of Goods and Services) Regulations, 2015. These regulations are effective from the date of their publication in the Official Gazette on November 14, 2025.
**Key Points / Main Content**
* **Short Title and Commencement:**
* The regulations are called the Foreign Exchange Management (Export of Goods and Services) (Second Amendment) Regulations, 2025.
* These regulations come into force from the date of their publication in the Official Gazette.
* **Amendment to Regulation 9:**
* In the principal regulations, in regulation 9, the term "nine months" is replaced with "fifteen months" in sub-regulation (1).
* In the principal regulations, in regulation 9, the term "nine months" is replaced with "fifteen months" in sub-regulation (2) (a).
* **Amendment to Regulation 15:**
* In the principal regulations, in regulation 15, the term "one year" is replaced with "three years" in sub-regulation (1) (i).
* In the principal regulations, in regulation 15, the term "one year" is replaced with "three years" in sub-regulation (1) proviso.
* In the principal regulations, in regulation 15, the term "one year" is replaced with "three years" in sub-regulation (2).
**Impact Analysis**
**Exporters of Goods and Services**
* **Impact:** The document amends regulations related to the export of goods and services. These amendments modify the existing regulations, specifically in relation to Regulation 9 and 15.
* **Action Required:** Review and comply with the amended regulations, particularly regarding the changes from "nine months" to "fifteen months" and "one year" to "three years" in specified sub-regulations.
Key Entities Referenced
Foreign Exchange Management Act, 1999: The Act under which the Reserve Bank of India is exercising powers to issue the amendment regulations.
Reserve Bank of India: The primary regulator issuing the Foreign Exchange Management (Export of Goods and Services) (Second Amendment) Regulations, 2025
Foreign Exchange Management (Export of Goods & Services) Regulations, 2015: The principal regulations being amended by this notification.
Foreign Exchange Management (Export of Goods and Services) (Second Amendment) Regulations, 2025: Regulations amending the 2015 regulations related to foreign exchange management for export of goods and services.
Mumbai: Location where the Reserve Bank of India issued the notification
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-एम.एच.-अ.-14112025-267667
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CG-MH-E-14112025-267667
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 735] नई ददल्ली, िुक्रर्ार, नर्म्ब र 14, 2025/कार्ततक 23, 1947
No. 735] NEW DELHI, FRIDAY, NOVEMBER 14, 2025/KARTIKA 23, 1947
भारतीय ररज़र् वबकैं
(जर्दिे ी मद्रु ा जर्भाग)
(केंद्रीय कायालव य)
अजधसचू ना
मुम् बई, 13 नर्म् बर, 2025
जर्देिी मद्रु ा प्रबधं (माल और सर्े ाओं का जनयातव ) (जितीय सिं ोधन) जर्जनयमार्ली, 2025
फा. स.ं फेमा.23(आर)/(7)/2025-आरबी जर्देिी मुद्रा प्रबंध अजधजनयम, 1999 (1999 का 42) की धारा 7,
धारा 8 और धारा 47 की उप-धारा (2), िारा प्रदत्त िजियों का प्रयोग करते हुए भारतीय ररज़र्व बैंक एतद्द्वारा जर्देिी
मुद्रा प्रबंध (माल और सेर्ाओं का जनयावत) जर्जनयमार्ली, 2015 [ददनांक 12 िनर्री 2016 की अजधसूचना सं.फेमा
23(आर)/2015-आरबी], (जिसे इसके पश्चात ‘मूल जर्जनयमार्ली’ कहा गया ह)ै , में जनम्नजलजखत संिोधन करता ह,ै अथावत्:
1. संजिप्त नाम और प्रारंभ:-
(i) इस जर्जनयमार्ली को जर्देिी मुद्रा प्रबंध (माल और सेर्ाओं का जनयावत) (जितीय संिोधन) जर्जनयमार्ली, 2025 कहा
िाएगा।
(ii) यह जर्जनयमार्ली सरकारी रािपत्र में उसके प्रकािन की तारीख से लागू होगी।
7603 GI/2025 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
2. जर्जनयम 9 म ेंसिं ोधन:-
मूल जर्जनयमार्ली म,ें जर्जनयम 9 के -
(i) उप-जर्जनयम (1) म,ें 'नौ महीने' िब्दों के स्ट्थान पर 'पंद्रह महीने' िब्द प्रजतस्ट्थाजपत दकए िाएंगे।
(ii) उप-जर्जनयम (2), खंड (क) म,ें 'नौ महीन'े िब्दों के स्ट्थान पर 'पंद्रह महीन'े िब्द प्रजतस्ट्थाजपत दकए िाएगं े।
3. जर्जनयम 15 म ेंसिं ोधन:-
मूल जर्जनयमार्ली म,ें जर्जनयम 15 के -
(i) उप-जर्जनयम (1), खंड (i) म,ें 'एक र्र्व' िब्दों के स्ट्थान पर 'तीन र्र्'व िब्द प्रजतस्ट्थाजपत दकए िाएंगे।
(ii) उप-जर्जनयम (1) के परन्तकु में, 'एक र्र्व' िब्दों के स्ट्थान पर, 'तीन र्र्'व िब्द प्रजतस्ट्थाजपत दकए िाएंगे।
(iii) उप-जर्जनयम (2) म,ें 'एक र्र्व' िब्दों के स्ट्थान पर, 'तीन र्र्व' िब्द प्रजतस्ट्थाजपत दकए िाएंगे।
रोजहत पी. दास, ित्रे ीय जनदेिक
[जर्ज्ञापन-III/4/असा./471/2025-26]
पाद रिप्पणी :मलू जर्जनयमार्ली भारत सरकार के सरकारी रािपत्र- असाधारण–भाग-II, खण्ड 3, उप-खण्ड (i)
ददनांक 12.01.2016-िीएसआर संख्या 19(ई), में प्रकाजित की गयी थी और इसे बाद में जनम्नानुसार
संिोधन दकए गए:
i. िीएसआर संख्या 635 (ई) ददनांक 23.06.2017
ii. फेमा 23(R)/(2)/2019-आरबी ददनांक 03 ददसंबर 2019
iii. फेमा 23(R)/(3)/2020-आरबी ददनांक 31 माचव 2020
iv. फेमा 23(R)/(4)/2021-आरबी ददनांक 08 िनर्री 2021
v. फेमा 23(R)/(5)/2021-आरबी ददनांक 08 जसतंबर 2021
vi. फेमा 23(R)/(6)/2025-आरबी ददनांक 24 िून 2025
RESERVE BANK OF INDIA
(Foreign Exchange Department)
(CENTRAL OFFICE)
NOTIFICATION
Mumbai, the 13th November, 2025
Foreign Exchange Management (Export of Goods and Services) (Second Amendment) Regulations, 2025
F. No. FEMA 23(R)/(7)/2025-RB.—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[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
(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
[ADVT.-III/4/Exty./471/2025-26]
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 23.06.2017
ii. 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
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.