Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2020

Apr 06, 2020 | by Avantis RegTech Legal Research Team


Finance & Taxation Compliance

The Reserve Bank of India (RBI) on March 31, 2020, notifies the Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2020 to further amend the Foreign Exchange Management (Export of Goods & Services) Regulations, 2015.

The amendments are made in Regulation 9(1), which specified the period within which export value of goods/software/ services to be realised, stating that the amount representing the full export value of goods / software/ services exported shall be realised and repatriated to India within nine months or within such period as may be specified by the Reserve Bank, in consultation with the Government, from time to time, from the date of export, provided that where the goods are exported to a warehouse established outside India with the permission of RBI, the amount representing the full export value of goods exported shall be paid to the authorised dealer as soon as it is realised and in any case within 15 months.

This Notification shall come into force from the date of their publication in the Official Gazette that is March 31, 2020.

[Notification No. FEMA 23(R)/(3)/2020-RB]


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