Executive Summary:
This notification from the Reserve Bank of India amends the Foreign Exchange Management Export of Goods and Services Regulations of 2015. The amendment, titled "Foreign Exchange Management Export of Goods and Services Amendment Regulations, 2017," removes the requirement for Exchange Control copies of shipping bills. It comes into force on the date of its publication in the Official Gazette, June 23, 2017.
Key Points / Main Content:
* **General Information:**
* Notification No. FEMA 23(R)/2017-RB
* Dated June 23, 2017
* Published by the Reserve Bank of India, Foreign Exchange Department, Central Office, Mumbai.
* **Amendment Details:**
* Regulation 6 is amended.
* In subregulation C, the phrase "and Exchange Control copies of the shipping bills" is deleted after "viz. EDF and SOFTEX."
* **Authority:**
* The amendment is made under subsection 3 of Section 7 and subsection 2 of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999).
* **Short Title and Commencement:**
* These Regulations are called the Foreign Exchange Management (Export of Goods & Services) (Amendment) Regulations, 2017.
* The regulations come into force from the date of their publication in the Official Gazette.
* **Reference to Principal Regulations:**
* 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).
Impact Analysis
* Exporters:
* Impact: Exporters no longer need to provide Exchange Control copies of shipping bills.
* Action Required: Adjust export procedures to eliminate the submission of Exchange Control copies of shipping bills.
* Banks and Authorised Dealers:
* Impact: Banks and authorised dealers involved in processing export transactions will need to update their procedures to reflect the removal of the Exchange Control copy requirement.
* Action Required: Update internal processes and systems to align with the amended regulations and inform relevant staff.
* Reserve Bank of India (RBI):
* Impact: RBI's regulatory oversight of export documentation is adjusted.
* Action Required: Ensure compliance monitoring reflects the amended regulations.
Key Entities Referenced
Reserve Bank of India: The central bank of India, responsible for regulating the country's monetary policy and foreign exchange management.
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 issued by the Reserve Bank of India concerning the export of goods and services under the Foreign Exchange Management Act.
Mumbai, Maharashtra: The city in India where the notification was issued.
Foreign Exchange Management Export of Goods and Services Amendment Regulations, 2017: Amendments to the 2015 regulations regarding the export of goods and services.
Jyoti Kumar Pandey: Chief General Manager at Reserve Bank of India.
Official Gazette: A publication of the government in which all official notifications and legal documents are published.
Delhi: Place of publication
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3898 GI/2017 (1)(cid:32)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
RESERVE BANK OF INDIA
(Foreign Exchange Department)
(CENTRAL OFFICE)
NOTIFICATION
Mumbai, the 23rd June, 2017
No. FEMA 23(R)/(1)/2017-RB
Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2017
G.S.R. 635(E).—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 January12, 2016], namely:—
1. Short title and commencement.—
(i)(cid:32) These Regulations may be called the Foreign Exchange Management (Export of Goods & Services)
(Amendment) Regulations, 2017.
(ii)(cid:32) 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.
[F. No. 1/31/EM/2015]
JYOTI KUMAR PANDEY, Chief General Manager
Foot Note:—
The Principal Regulations were published in the Official Gazette (cid:118)(cid:100)(cid:105)(cid:101) G.S.R. No. 19(E), dated January 12, 2016 in Part
II, Section 3, sub-Section (i).
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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.