Rbi proposes regulations on export import transactions
The Reserve Bank on Friday came out with revised draft regulations that cover export and import transactions under FEMA with an aim to promote ease of doing business. As per the revised draft, if the export proceeds of an exporter remain unrealised for a period beyond two years from the due date and the cumulative unrealised export proceeds of that exporter exceeds Rs 25 crore, he shall undertake further exports only against receipt of full advance or an irrevocable letter of credit.On import of gold and silver, the RBI has proposed that no advance remittance for the import of gold and silver shall be permitted by an authorised dealer, said the 'Regulation of Foreign Trade under Foreign Exchange Management Act (FEMA), 1999 -- Draft Regulations and Directions'.
In July last year, the RBI had issued the draft, and based on the feedback received from the public and subsequent further consultations with various stakeholders, the proposed regulations and directions have been further revised.
‘The emphasis of revised regulations is on enhancing the ease of doing business and bringing all instructions onto a single document,’ the RBI said.
The proposed regulations incorporate instructions issued to authorised dealers, including the processes to be followed by the authorised dealers for handling transactions related to export and import, which are at present issued separately as directions to authorised dealers.
The central bank has sought comments and feedback on the draft regulations and directions by April 30, 2025.
Stay updated with The Hindu Editorial Vocab24 app, your definitive source for breaking news and comprehensive coverage from India and around the globe. Whether it's political developments, business updates, sports highlights, the latest technology trends, or current events, The Hindu brings live, accurate, and reliable news directly to your device.
Don’t fall for sensationalized or fake news shared online. Read and share accurate updates with friends and family through The Hindu Editorial Vocab24 app. Download it today!
News Coverage in The Hindu Editorial Vocab24 App
Breaking News: Receive instant notifications on breaking news stories as they unfold. Stay informed about major events and developments in India and around the world with live blogs, news in shorts videos, and concise articles.
Politics: Get the latest updates on Indian politics, including elections, policy changes, government decisions, and political events that shape the nation.
Business and Economy: Stay ahead in the economic landscape with detailed business news and market analysis. Learn about stock market trends, financial reports, corporate news, and economic developments to make informed investment decisions.
Current Events: Follow stories on social issues, policy changes, global events, and daily current affairs, tailored for UPSC and other competitive exam preparations.
Technology: Keep up with the latest gadgets, innovations, and tech trends. Read expert reviews and analyses in short, concise updates on cutting-edge technology from India and beyond.
Sports: Never miss a moment of your favorite sports. Get live scores, match reports, and expert analysis on cricket, football, tennis, and more.
International News: Stay informed about global events and geopolitical developments, including the Russia-Ukraine war, Israel-Palestine conflict, and other key international stories.
Local News: Stay connected to your community with the latest updates on city events, issues, and local news. Coverage includes hyperlocal updates from cities like Bangalore, Chennai, Delhi, Hyderabad, Mumbai, Kolkata, and more.
Trending Topics: Discover what's trending today with the most talked-about stories and hot topics across India and the world.
Experience journalism that values integrity, accuracy, and reliability. Download The Hindu Editorial Vocab24 app today and stay connected with the world.
Subscribe to our newsletter!
