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The Reserve Bank of India amends regulation 4 of the Foreign Exchange Management (Export of Goods & Services) Regulations, 2015. The amendment updates rules for the re-export of leased aircraft, helicopters, engines, and auxiliary power units. The re-export applies to items re-possessed by an overseas lessor and de-registered by the Directorate General of Civil Aviation. The IDERA holder requests the de-registration under the Cape Town Convention, or the lease agreement ends through another termination or cancellation. The re-export remains subject to permission by the Directorate General of Civil Aviation or the Ministry of Civil Aviation. The regulations come into force on the date of their publication in the official Gazette.
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RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE MUMBAI 400 001
Notification No. FEMA 23(R)/(4)/2021-RB
January 08, 2021
Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2021
In exercise of the powers conferred by clause (a) of sub-section (1), sub-section (3) of section 7 and clause (b) of 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 in the Foreign Exchange Management (Export of Goods & Services) Regulations, 2015 [Notification No. FEMA 23(R)/2015- RB dated January 12, 2016] (hereinafter referred to as 'the Principal Regulations'), namely:
“(ea) re-export of leased aircraft/helicopter and/or engines/auxiliary power units (APUs), either completely or in partially knocked down condition 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’ or any other termination or cancellation of the lease agreement between the lessor and lessee subject to permission by DGCA/Ministry of Civil Aviation for such export/s.”
(R. S. Amar) Chief General Manager
Published in the Official Gazette of Government of India – Extraordinary – Part-III, Section 4 dated January 11, 2021
Foot Note: - The Foreign Exchange Management (Export of Goods & Services) Regulations, 2015 [Notification No. FEMA 23(R)/2015-RB dated January 12, 2016] were published in the Official Gazette vide G.S.R.No.19 (E) dated January 12, 2016 in Part II, Section 3, sub-Section (i) and subsequently amended by Notification No. FEMA 23(R)/(1)/2017-RB dated June 23, 2017 published in the Official Gazette vide G.S.R.No.635(E) dated June 23, 2017, No. FEMA 23(R)/(2)/2019-RB dated December 03, 2019 published in the Official Gazette on December 09, 2019 and No. FEMA 23(R)/(3)/2020-RB dated March 31, 2020 published in the Official Gazette on March 31, 2020.
