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of <h1>FEMA Act Section 7 and Regulation 16 empower RBI to ensure timely receipt of export payments. Exporters can appeal.</h1> Regulation 16 of the Foreign Exchange Management (Export of Goods and Services) Regulations, 2015, alongside section 7 of the FEMA Act, empowers the Reserve Bank to issue directions to ensure the timely receipt of full export value for goods or software. These directions may require exporters to comply with specific conditions before export, such as securing payment through an irrevocable letter of credit or obtaining prior approval from authorized dealers for declarations. Exporters are allowed to make representations before any direction is enforced. These measures aim to safeguard the proper valuation and timely receipt of export proceeds.
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