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of <h1>Reserve Bank empowered to issue export directions ensuring timely receipt of full export value from overseas transactions</h1> Reserve Bank is empowered to issue directions regarding export of goods and services to ensure full export value is received timely. The Bank may require exporters to comply with specified conditions before export, including payment coverage through irrevocable letters of credit, submission of declarations to authorized dealers for prior approval, and value certification by designated authorities. Directions can target specific destinations, transaction classes, goods categories, or exporter types. No directions or approval withholding shall occur without providing exporters reasonable opportunity for representation. These provisions aim to regulate foreign exchange management in export transactions.
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