Foreign Exchange Management (Export of Goods and Services) (Fourth Amendment) Regulations, 2014. - 317/RB-2014 - Foreign Exchange Management

RESERVE BANK OF INDIA (Foreign Exchange Department) (Central Office) NOTIFICATION NO. FEMA. 317/RB-2014 Mumbai, the 04 September, 2014 GSR 930(E) - In exercise of the powers conferred by clause ( a ) of sub-section (1), sub-section (3) of section 7 and sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in partial modification of its Notification No. FEMA.23/2000-RB, dated May 3, 2000 , Reserve Bank of India makes the following amendment in the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000 , as amended from time to time, namely : 1. Short title and commencement ( i ) These Regulations may be called the Foreign Exchange Management (Export of Goods and Services) (Fourth Amendment) Regulations, 2014. ( ii ) They shall be deemed to have come into force from November 08.2013. 2. Amendment to the Regulations In the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000 , following changes may be made: ( a ) in Regulation 3 , after sub-regulation (3), following shall be added, namely: (4) Realization of export proceeds in respect of export of goods/software from third party should be duly declared by the exporter in the appropriate declaration form. ( b ) In Regulation 16 , in sub-regulation (1) for the words, Where an exporter receives advance payment (with or without interest), from a buyer outside India, the exporter shall be under an obligation to ensure that- the words, Where an exporter receives advance payment (with or without interest), from a buyer/third party named in the export declaration made by the exporter, outside India, the exporter shall be under an obligation to ensure that - shall be substituted. C. D. SRINIVASAN, Chief General Manager