Regulation of Foreign Trade under Foreign Exchange Management Act (FEMA), 1999 – DRAFT REGULATIONS AND DIRECTIONS

The Reserve Bank of India is liberalising foreign exchange policies under FEMA, 1999, to streamline export and import regulations, as announced in the June 2024 Statement on Developmental and Regulatory Policies. These changes aim to ease business for small exporters and importers and enhance service efficiency for Authorised Dealer banks. The draft regulations and directions are open for public feedback via email by September 1, 2024, with the subject "Feedback on draft regulations and directions on export and import under FEMA."