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of <h1>Exports Need Prior Approval Under Section 7 of FEMA & Regulation 13 of 2015 Export Regulations for Specific Trade Agreements.</h1> According to section 7 of the Foreign Exchange Management Act (FEMA) and Regulation 13 of the 2015 Export Regulations, certain exports require prior approval. Exports under trade agreements or rupee credits extended by the Central Government to a foreign state must comply with terms set by the Trade Control Authority and the Reserve Bank's instructions. Similarly, exports under a line of credit provided by the Exim Bank to a foreign bank or financial institution must adhere to conditions specified by the Reserve Bank to authorized dealers.
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