In a bid to promote ease of doing business and enhance operational flexibility for authorized dealer banks, RBI Governor Shaktikanta Das has announced plans to rationalize the Guidelines for Export and Import of Goods and Services under the Foreign Exchange Management Act (FEMA), 1999, amid the evolving dynamics of international trade. The central bank is set to release draft guidelines for feedback from stakeholders, as part of the progressive liberalization of foreign exchange regulations. This move is expected to stimulate India’s export market, which reached a new high of $776.68 billion in FY24, marking a slight increase from the previous fiscal year. Notably, India aims to diversify its export portfolio, venturing into sectors such as electronics, pharmaceuticals, engineering products, and food items, including prepared meals, confectioneries, and value-added products like jackfruit and bananas, to strengthen its export offerings.
RBI Governor Shaktikanta Dabs Announces Plan to Rationalize FEMA Guidelines for Export and Import
