The Foreign Exchange Management (Export of goods and services)
Regulations, 2000 have been superseded by the Foreign Exchange
Management (Export of Goods and Services) Regulations, 2015
("Export of Goods and Services Regulations
2015") issued by the RBI on January 12, 2016. The
Export of Goods and Services Regulations will come into effect from
date of its publication in the official gazette.
The Export of Goods and Services Regulations 2015 clarify that
in case for the export of services where no Form has been
prescribed, the exporter may be permitted to export such services
without furnishing any declarations, provided the exporter realises
the full value of the services exported within the prescribed time
and the payments for the services are made in the specified
Further in relation to project exports, in cases where a
guarantee is required to be given prior to post award approval, the
same will be required to be issued by an authorised dealer bank/
Indian resident being an exporting company, for the performance of
a project outside India or for availing credit facilities, whether
fund – based/non – fund based from a bank or a
financial institution outside India, in connection with the
execution of such project, provided that the contract/letter of
award stipulates such requirements.
The changes proposed by the Export of Goods and Services
Regulations 2015 are to ease the processes for export of goods and
services and clarify compliances to be followed in case of export
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