Foreign exchange regulation: RBI issued 2000 regulations creating a framework for export-related foreign exchange compliance and procedures. The Reserve Bank of India, under the Foreign Exchange Management Act, 1999, issued the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000 by Notification No. FEMA 23/2000-RB dated 3 May 2000, creating a regulatory framework for export-related foreign exchange matters and empowering the RBI to prescribe conditions, procedures, compliance obligations and enforcement measures for exports of goods and services from India.