Extension of Realisation Period of Export Proceeds

To ease the impact of disruption caused by the Coronavirus/COVID-19 pandemic, the Reserve Bank of India ("RBI") has provided extension of the period for realisation of the export proceeds as prescribed under the Foreign Exchange Management (Export of Goods & Services) Regulations, 2015 ("FEM Export Regulations") read with the RBI Master Direction on Export of Goods and Services ("RBI Master Directions on Exports").

Regulatory Framework:

The export of goods and services in India and the payments to be received for such export of goods and services are regulated by the FEM Regulations, framed under the Foreign Exchange Management Act, 1999, read with the RBI Master Directions on Exports. We discuss hereinbelow certain key provisions of the FEM Export Regulations and the RBI Master Directions on Exports: