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of <h1>RBI Amends Foreign Exchange Regulations, Removes Oil and Petroleum Products Exclusion from Schedule III under FEMA 1999.</h1> The Reserve Bank of India issued an amendment to the Foreign Exchange Management (Foreign Exchange Derivative Contracts) Regulations, 2000, under the Foreign Exchange Management Act, 1999. This amendment, effective immediately, modifies the existing regulations by removing the exclusion of oil and petroleum products from Schedule III. The notification, identified as FEMA 28/2000-RB, was published in the Official Gazette of the Government of India on September 28, 2000.
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