Over the years, the Reserve Bank has been progressively liberalising policies governing foreign exchange transactions, under FEMA, 1999. In continuation of these efforts, as announced in the Statement on Developmental and Regulatory Policies of June 2024, it has been decided to rationalise regulations that cover export and import transactions. The proposed regulations are intended to promote ease of doing business, especially for small exporters and importers. They are also intended to empower Authorised Dealer banks to provide quicker and more efficient service to their foreign exchange customers.

The draft regulations under FEMA and directions to Authorised Dealer banks are available for public response.

Comments/feedback on the draft proposals (regulations as well as directions) may be forwarded via email by September 01, 2024, with the subject line "Feedback on draft regulations and directions on export and import under FEMA".

(Puneet Pancholy)  
Chief General Manager

Foreign exchange regulation reforms to simplify export and import compliance and empower authorised dealer banks, inviting public feedback. Draft FEMA regulations and directions propose rationalising export and import rules to simplify compliance for small exporters and importers and to empower Authorised Dealer banks to provide faster, more efficient foreign exchange services. The Reserve Bank has published the draft texts and invited public feedback by a stated deadline via email using a specified subject line, as part of its developmental and regulatory policy measures.