AMENDMENT IN - FOREIGN EXCHANGE MANAGEMENT (EXPORT OF GOODS AND SERVICES) REGULATIONS, 2000 - 241/2012-RB - Foreign Exchange Management

RESERVE BANK OF INDIA (EXCHANGE CONTROL DEPARTMENT) CENTRAL OFFICE MUMBAI 400 001 Notification No. FEMA 241/2012-RB Dated 25-9-2012 GSR 896(E),- In exercise of the powers conferred by sub-section (2) of section 7 and sub-section (1) of section 47 of the Foreign Exchange Management Act, 1999 (42 1999) ( Notification No. FEMA 23/RB-2000, dated 3rd May, 2000 ), the Reserve Bank India makes the following amendments in the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000 , namely: Short Title and commencement 1. (i) These regulations may be called the Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2012. (ii) They shall come into force with effect from February 21, 2012. Amendment of the Regulations 2. In the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000 ( Notification No. FEMA 23/2000-RB, dated May 3, 2000 ) (hereinafter called "the principal regulations"), in Regulation 16, for the sub-regulation (2), the following shall be substituted. "Notwithstanding anything contained in clause (i) of sub-regulation (1), an exporter may receive advance payment where the export agreement itself duly provides for shipment of goods extending beyond the period of one year from the date of receipt of advance payment".