The new rules also aim to empower authorized dealer banks to provide quicker and more efficient service to their forex customers.
RBI said the decision to rationalize the rules covering export and import transactions is a continuation of its efforts to progressively liberalize the policies governing foreign exchange transactions under FEMA, 1999.
RBI said the draft rules under FEMA and instructions to authorized dealer banks are available on its website for public feedback.
The RBI said comments on the draft proposals (regulations as well as instructions) can be sent through email by September 1, 2024, with the subject line 'Feedback on Draft Rules and Instructions on Exports and Imports under FEMA'.
RBI said the decision to rationalize the rules covering export and import transactions is a continuation of its efforts to progressively liberalize the policies governing foreign exchange transactions under FEMA, 1999.
RBI said the draft rules under FEMA and instructions to authorized dealer banks are available on its website for public feedback.
The RBI said comments on the draft proposals (regulations as well as instructions) can be sent through email by September 1, 2024, with the subject line 'Feedback on Draft Rules and Instructions on Exports and Imports under FEMA'.
