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ARTICLE · 10 JANUARY 2020

Foreign Exchange Management (Export Of Goods And Services) (Amendment) Regulations, 2019

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Hitherto, export of aircrafts or aircraft engines and spare parts for overhauling and/or repairs abroad was exempted from the requirement of declaration of export by the exporter

IndiaInternational Law
DSK Legal
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The Reserve Bank of India ("RBI") has, through a notification bearing no. FEMA 23(R)/(2)/2019-RB dated December 9, 2019, made an amendment in the Foreign Exchange Management (Export of Goods & Services) Regulations, 2015 [Notification No. FEMA 23(R)/2015-RB dated January 12, 2016] ("Principal Regulations")

Vide the aforesaid amendment, the following has been inserted in the Principal Regulations, in regulation 4, after sub-regulation (e):

"(ea) re-export of leased aircraft/ helicopter and/or engines/auxiliary power units (APUs) re-possessed by overseas lessor and duly de-registered by the Directorate General of Civil Aviation (DGCA) on the request of Irrevocable Deregistration and Export Request Authorisation (IDERA) holder under 'Cape Town Convention' subject to permission by DGCA/Ministry of Civil Aviation for such export/s."

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