Home India Reserve Bank of India These Regulations may be called the Foreign Exchange Managem...
Date: 2015-04-28 Category: Extra Ordinary State: Union Government Country: India

These Regulations may be called the Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2015.

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 announces amendments to the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000. The amendments concern exports taking place through Customs manual ports. These regulations are effective from the date of publication in the Official Gazette. Key Points / Main Content: Amendments to Regulations: * These regulations may be called the Foreign Exchange Management Export of Goods and Services Amendment Regulations, 2015. * The amendments are made to the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000. Regulation 3 Amendment: * For exports through Customs manual ports, exporters to any place outside India (except Nepal and Bhutan) must furnish a declaration in a specified form with correct material particulars, including the amount. Regulation 6 Amendment: * The word "SDF" is to be deleted wherever it appears in Regulation 6. Schedule Amendment: * Form SDF is deleted from the Schedule. Impact Analysis: Exporters of Goods and Software: * Impact: Changes to declaration requirements for exports through Customs manual ports. Deletion of references to "SDF." * Action Required: Comply with the new declaration requirements for manual port exports and note the deletion of "SDF." Customs Offices: * Impact: Changes to documentation requirements. * Action Required: Update processes to reflect the removal of Form SDF. Reserve Bank of India: * Impact: Responsible for implementing and overseeing the amended regulations. * Action Required: Enforce the new regulations and update internal guidance accordingly.

Key Entities Referenced

Foreign Exchange Management Act, 1999: A law governing foreign exchange in India, cited as the basis for the regulations. Reserve Bank of India: The central bank of India, responsible for issuing the notification and making amendments to regulations. Foreign Exchange Management Export of Goods and Services Regulations, 2000: The principal regulations being amended by this notification, related to the management of foreign exchange in the context of export of goods and services. Mumbai, Maharashtra: The location of the Central Office of the Reserve Bank of India, from where the notification was issued. Foreign Exchange Management Export of Goods Services Amendment Regulations, 2015: The title of the amendment regulations being introduced by this notification. Official Gazette: The official government publication in which the regulations are published. Customs: Refers to the Customs offices and procedures involved in exporting goods, particularly concerning manual ports and Electronic Data Interchange (EDI) systems. Nepal: Country to which certain regulations do not apply
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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, 2015. (ii) They shall come into force from the date of publication in Official Gazette. 2. Amendment to the Regulations.—In the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000 (Notification No.FEMA.23/2000-RB dated May 3, 2000) (hereinafter called “the principal regulations”), the following amendments shall be made, namely:- In Regulation 3, for the Sub-Regulation (1), the following shall be substituted, namely:- (i) “(1) In case of exports taking place through Customs manual ports, every exporter of goods or software in physical form or through any other form, either directly or indirectly, to any place outside India, other than Nepal and Bhutan, shall furnish to the specified authority, a declaration in one of the forms set out in the Schedule and supported by such evidence as may be specified, containing true and correct material particulars including the amount representing –” (ii) In Regulation 6, the word “SDF”, wherever appear, shall be deleted (iii) In the Schedule, the following shall be deleted, “Form SDF: To be completed in duplicate and appended to the shipping bill, for exports declared to Customs Offices notified by the Central Government which have introduced Electronic Data Interchange (EDI) system for processing shipping bills notified by the Central Government.” [No. FEMA 342/RB-2014] B. P. KANUNGO, Principal Chief General Manager Foot Note : The Principal Regulations were published in the Official Gazette vide G.S.R. No.409 (E) dated May 8, 2000 in Part II, Section 3, Sub-section (i) and subsequently amended vide. a. G.S.R. No. 199 (E) dated March 21, 2001 b. G. S. R. No. 473 (E) dated July 8, 2002 c. G. S. R. No. 773 (E) dated September 29, 2003 d. G. S. R. No. 900 (E) dated November 22, 2003 e. G. S. R. No. 279 (E) dated April 23, 2004 f. G. S. R. No. 352 (E) dated June 8, 2004 g. G. S. R. No. 576 (E) dated August 5, 2008 h. G. S. R. No. 896 (E) dated December 17, 2012 i. G. S. R. No.342 (E) dated May 29, 2013 j. G. S. R. No.362 (E) dated May 27, 2014 k. G. S. R. No.434 (E) dated July 8, 2014 Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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