Reserve Bank of India Proposes New Draft Export & Import Regulations

The Reserve Bank of India (RBI) has unveiled new draft regulations for the process of export and import transactions under the Foreign Exchange Management Act (FEMA), 1999. These proposals are outlined in the ‘Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2024.’ Every exporter is mandated to submit a declaration specifying the full export value of goods or services to the designated authority within a stipulated timeframe.