RBI updates foreign exchange norms to improve ease of business
With an aim to promote ease of doing business, the Reserve Bank of India on Thursday came out with nine updated regulations under the Foreign Exchange Management Act (FEMA), 1999.
With an aim to promote ease of doing business, the Reserve Bank of India (RBI) on Thursday came out with nine updated regulations under the Foreign Exchange Management Act (FEMA), 1999.
Consequently, RBI said, respective original notifications and subsequent amendments stand repealed.
"Keeping in view the objective of promoting ease of doing business, a need was felt to consolidate the regulations and rationalise them in light of evolving business environment and changing practices in cross-border transactions relating to external trade and payments," RBI said.
For easy identification, revised regulations will carry same numbers as the old ones with a suffix '(R)', along with the year in which these are published.
The FEMA, enacted in 1999 with 25 original notifications, came into force with effect from June 1, 2000. Over the years, the regulations framed under the FEMA have had over 330 amendments.
The revised regulations come into force on the date of their publication in the Gazette of India as indicated in respective regulations.