The Foreign Exchange Management (Export of goods and services) Regulations, 2000 have been superseded by the Foreign Exchange Management (Export of Goods and Services) Regulations, 2015 ("Export of Goods and Services Regulations 2015") issued by the RBI on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 manner.

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 of services.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.