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The Reserve Bank of India amends the Foreign Exchange Management (Export of Goods and Services) Regulations, 2015. The regulation sets the maximum interest rate payable on advance payments for exports. The interest rate cannot exceed 100 basis points above the London Inter-Bank Offered Rate or another applicable benchmark directed by the Reserve Bank. The amendment takes effect on the date of 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)/(5)/2021-RB
September 08, 2021
Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2021
In exercise of the powers conferred by sub-section (1) 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 in the Foreign Exchange Management (Export of Goods and Services) Regulations, 2015 [Notification No. FEMA 23(R)/2015- RB dated January 12, 2016] (hereinafter referred to as 'the Principal Regulations'), namely:
“ii) the rate of interest, if any, payable on the advance payment shall not exceed 100 basis points above the London Inter-Bank Offered Rate (LIBOR) or other applicable benchmark as may be directed by the Reserve Bank, as the case may be; and”.
(R. S. Amar) Chief General Manager
Published in the Official Gazette of Government of India – Extraordinary – Part-III, Section 4 dated September 10, 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 as under:
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
Notification No. FEMA 23(R)/(2)/2019-RB dated December 03, 2019 published in the Official Gazette on December 09, 2019
Notification No. FEMA 23(R)/(3)/ 2020-RB dated March 31, 2020 published in the Official Gazette on March 31, 2020
Notification No. FEMA 23(R)/(4)/2021-RB dated January 08, 2021 published in the Official Gazette on January 11, 2021
