Foreign Exchange Management (Export of Goods & Services) (Second Amendment) Regulations, 2014
310\/2014-RB Dated:- 12-6-2014 Foreign Exchange Management
FEMA
Foreign Exchange Management Act
FEMA
RESERVE BANK OF INDIA
\n(Foreign Exchange Department)
\n(CENTRAL OFFICE)
\nNOTIFICATION No. FEMA. 310\/2014-RB
\nMumbai, the 12th June, 2014
\nForeign Exchange Management (Export of Goods & Services) (Second Amendment) Regulations, 2014
\nG.S.R. 434(E).In exercise of the powers conferred by clause (a) of sub-section (1), sub-section (3) of Section 7 and sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in partial modification of its Notification No. FEMA. 23\/2000-RB dated May 3, 2000 as amended from t<\/p>\n
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\n(ii) the existing Regulation 18 shall be substituted as follows, namely :
\n18.” Project exports
\nWhere an export of goods or services is proposed to be made on deferred payment terms or in execution of a turnkey project or a civil construction contract, the exporter shall, before entering into any such export arrangement, submit the proposal for prior approval of the approving authority, which shall consider the proposal in accordance with the guidelines issued by the Reserve Bank of India from time to time.
\nExplanation:
\nFor the purpose of this Regulation, 'approving authority' means the EXIM Bank of India or the authorised dealer”
\nC.D. SRINIVASAN
\nChief General Manager
\nFoot Note: The Principal Regulations were<\/p>\n
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