Export of Goods and Services [Section 7]

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....;"service" means service of any description which is made available to potential users and includes the provision of facilities in connection with banking, financing, insurance, medical assistance, legal assistance, chit fund, real estate, transport, processing, supply of electrical or other energy, boarding or lodging or both, entertainment, amusement or the purveying of news or other information, but does not include the rendering of any service free of charge or under a contract of personal service;" [ section 2(zb) of FEMA Act, 1999] Regulation of Export trade Export trade is regulated by the Directorate General of Foreign Trade (DGFT) and its regional offices, functioning under the Ministry of Commerce and Industry, Department of....

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....r. (2) The Reserve Bank may, for the purpose of ensuring that • the full export value of the goods or such reduced value of the goods as the Reserve Bank determines, having regard to the prevailing market conditions, is received without any delay, direct any exporter to comply with such requirements as it deems fit. (3) Every exporter of services shall furnish to the Reserve Bank or to such other authorities • a declaration in such form and in such manner as may be specified, containing the true and correct material particulars in relation to payment for such services.  Upto 30-09-2025 As per section 7 of FEMA Act, 1999 read with Foreign Exchange Management (Export of Goods and Services) ....

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....e (DGFT) and its regional offices, functioning under the Ministry of Commerce and Industry, Department of Commerce, Government of India. Policies and procedures required to be followed for exports from India are announced by the DGFT, from time to time. AD Category - I banks may conduct export transactions in conformity with the Foreign Trade Policy in vogue and the Rules framed by the Government of India and the Directions issued by Reserve Bank from time to time. Section 7 of FEMA Act, 1999 deals with export of goods and services. Every exporter is required to furnish to the RBI or any other authority, a declaration, etc., regarding full export value. (1) Every exporter of goods shall- (a) Obligation to furnish declarati....