Reserve Bank of India (RBI) has decided to rationalise existing guidelines on the export and import of goods and services in line with the changing dynamics of cross-border trade transactions globally.
RBI Governor Shaktkanta Das said that the decision has been taken in view of progressive liberalisation under FEMA 1999 which will impart greater operational flexibility to Authorized Dealer banks.
Das said that the proposed rationalisation aims to simplify operational procedures thereby promoting ease of doing business for all the stakeholders.
The draft regulations and directions would be placed on the RBI’s website by the end of June 2024, for feedback from all the stakeholders before they are finalised, Das said.
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