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The Reserve Bank of India amends the Foreign Exchange Management (Export of Goods & Services) Regulations, 2015 to permit the re-export of leased aircraft and related aviation assets. This amendment applies to leased aircraft, helicopters, engines, and auxiliary power units that an overseas lessor re-possesses. The Directorate General of Civil Aviation must de-register the asset on the request of the Irrevocable Deregistration and Export Request Authorisation holder under the Cape Town Convention. The Directorate General of Civil Aviation or the Ministry of Civil Aviation must grant permission for the export.
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RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE MUMBAI 400 001
Notification No. FEMA 23(R)/(2)/2019-RB
December 09, 2019
Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2019
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:
(R.K.Moolchandani) Chief General Manager
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), amended vide G.S.R. No. 635(E) dated June 23, 2017 and subsequently amended as under:
Published in the Official Gazette of Government of India – Extraordinary – Part-III, Section 4 dated December 09, 2019.
