Foreign Exchange Management (Export and Import of Goods and Services) (Amendment) Regulations, 2026
RBI notification FEMA 23(R)/(1)/2026-RB · 25 Sept 2026
RBI notification FEMA 23(R)/(1)/2026-RB · 25 Sept 2026
Summary
Check the official recordThe Reserve Bank of India amends the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026. The amendment reduces the time limit for the realization and repatriation of export proceeds from fifteen months to nine months. It also reduces the time limit for the first proviso from eighteen months to twelve months. Exporters currently on the Caution List as of September 30, 2026, remain subject to existing orders until their removal. Authorised Dealers now manage export, import, and merchanting trade transactions initiated before October 01, 2026, that previously required Reserve Bank of India approval. These changes take effect on October 01, 2026.
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RESERVE BANK OF INDIA
FOREIGN EXCHANGE DEPARTMENT
CENTRAL OFFICE
Mumbai 400 001
Notification No. FEMA 23(R)/(1)/2026-RB
September 22, 2026
Foreign Exchange Management (Export and Import of Goods and Services) (Amendment) Regulations, 2026
In exercise of the powers conferred by Section 7, Section 8, sub-section (6) of Section 10 and sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following amendments to the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 [Notification No. FEMA 23(R)/2026-RB dated January 13, 2026] (hereinafter referred to as 'the principal regulations'), namely:
In the principal regulations, at the end of regulation 13, following shall be inserted, namely:- “Provided that the exporters in the Caution List, as on September 30, 2026, as per orders issued by the Reserve Bank under Regulation 16 of the Foreign Exchange Management (Export of Goods & Services) Regulations, 2015, shall continue to be governed by the said order till such time the exporter is removed from the Caution List.”
In the principal regulations, after regulation 19, the following shall be inserted, namely:- “
Powers to Authorised Dealers:
Authorised Dealers shall handle transactions related to the export and import of goods and services, as well as merchanting trade, undertaken prior to October 01, 2026, which hitherto required approval of the Reserve Bank of India, under the Foreign Exchange Management (Export of Goods and Services) Regulations, 2015, Master Direction – Export of Goods and Services (FED Master Direction No. 16/2015-16, dated, January 01, 2016 as updated till July 17, 2026), and Master Direction – Import of Goods and Services (FED Master Direction No. 17/2016-17, dated, January 01, 2016 as updated till January 12, 2026).”
(N. Senthil Kumar)
Chief General Manager
Footnote: The Principal Regulations, Notification No. FEMA 23(R)/2026-RB dated January 13, 2026, were published in the Official Gazette - Extraordinary - Part-III, Section 4 on January 15, 2026.
Published in the Official Gazette of Government of India Extraordinary Part III, Section 4, on September 24, 2026