The Reserve Bank of India (RBI) released new draft guidelines and regulations on Tuesday with the aim of liberalizing the norms governing international commercial transactions and improving ease of doing business, particularly for small importers and exporters.
Authorized Dealer banks will be able to serve their foreign exchange clients more quickly and effectively thanks to the new laws.
As part of its ongoing efforts to gradually liberalize laws regulating foreign exchange operations under the FEMA, 1999, the RBI said that it has decided to simplify restrictions that involve to import and export transactions.
The RBI added that the public can comment on the proposed FEMA regulations and the instructions to Authorized Dealer banks by visiting its website.
By September 1, 2024, email comments on the draft proposals—which include both regulations and instructions—may be sent to the RBI with the title “Feedback on draft regulations and directions on export and import under FEMA.”
