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ARTICLE · 09 JULY 2024

AKP Banking & Finance Digest- July 08, 2024

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Reserve Bank of India ("RBI") has issued the draft Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2024...

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Anuroop Omkar
Anuroop Omkar

1. Regulatory Updates

1.1. India

1.1.1. RBI unveils draft regulations covering export and import transactions

Reserve Bank of India ("RBI") has issued the draft Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2024, effective upon publication in the Official Gazette. These regulations replace the 2015 version and outline procedures for exporters, including mandatory submission of a specified form to declare export values. Additionally, guidelines cover the receipt and realisation of export proceeds within specified timelines, with provisions for extensions under valid circumstances. RBI

1.1.2. India to create a cross-border retail payment platform with ASEAN countries

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