In an attempt to rationalise and simplify the regulations and directions governing the export and import transactions, the Reserve Bank of India (‘RBI’) on 2 July 2024, had released the draft Foreign Exchange Management (Export and Import of Goods and Services) Regulations 2024 and the draft directions on export and import of goods and services (collectively referred as “2024 Update”).
In pursuance to the public feedback on the 2024 Update, the RBI has now released the Draft Foreign Exchange Management (Export and Import of Goods and Services) Regulations 2025 (“Draft Trade Regulations 2025”) and Draft Directions on Export and Import of Goods and Services (collectively, the “2025 Update”) which are in alignment with the 2024 Update and aims to enhance ease of doing business by consolidating all instructions into a single document. A detailed Update on the draft changes is available here.
This webinar will comprise of a detailed discussion covering the following issues:
- Declaration for export of goods, services and software in a master form – Form EDF
- Revision in payment timelines for import and export transactions
- Liberalisation of the set-off process and revamp of write-off provisions: Surrender of export incentives?
- Simplification of Merchanting Trade Transactions (MTT)
- Set off of export and import payables: Goods against Services?
- Payment/Receipt of payment from any other party not declared as a Third Party
- Expanded powers of the AD Banks and requirement for an Internal Policy
Speakers
- Asish Philip Abraham, Partner
- Pratyush Jain, Principal Associate