NTF. NO. FEMA 99/2003-RB, DT. 27/08/2003

Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2003

G.S.R. 773(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 and Notification No. FEMA 36/2001-RB dated February 27, 2001, Reserve Bank makes the following amendment in the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000 as amended from time to time, namely:–

1. Short title and commencement

(i) These regulations may be called the Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2003.

(ii) They shall come into force from the date of their publication in the Official Gazette.

2. Amendment to the Regulations

In the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000, in Regulation 9,

(i) in sub-regulation (1), before the existing first proviso, the proviso shall be added as under, namely:

"Provided that where the goods or software are exported by the units in Special Economic Zones, the stipulation of period of realisation and repatriation to India of full export value of goods or software shall not apply".

(ii) In sub-regulation (2), in clause (a) the words, "by a unit situated in a Special Economic Zone or" may be deleted.

(iii) In sub-regulation (2), in clauses (b) and (c), for the word "unit', the Word, "the said exporter/s" shall be substituted.

Sd/-
(Usha Thorat)
Executive Director

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