The Reserve Bank of India (RBI) has released draft guidelines to streamline export and import regulations under the Foreign Exchange Management Act (FEMA). The public can provide feedback on these guidelines by September 1.
The proposed regulations aim to promote ease of doing business, especially for small exporters and importers, according to a release from the central bank. The guidelines are also intended to enable Authorised Dealer banks to offer quicker and more efficient services to their foreign exchange customers.
The RBI stated that every exporter must submit the full export value of goods or services to the specified authority. Exporters are required to provide the relevant documents to the Authorised Dealer within 21 days from the date of shipment for goods or from the date of invoice for services.
Payment receipts for exported goods and services should comply with the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023. Authorised Dealers can extend the specified period if the exporter provides a reasonable and justifiable cause.
