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Nasscom's feedback to RBI on the draft regulations and directions on export and import under FEMA
Nasscom's feedback to RBI on the draft regulations and directions on export and import under FEMA

August 30, 2024

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The Reserve Bank of India (RBI) released draft regulations and directions to rationalise export and import regulations under the Foreign Exchange Management Act, 1999 (FEMA) for public consultation. The proposed regulations intended to promote ease of doing business, especially for small exporters and importers. They are also intended to empower Authorised Dealer (AD) banks to provide quicker and more efficient service to their foreign exchange customers.

Based on feedback from industry, nasscom submitted suggestions to the RBI on the draft regulations and directions. Our submission can be found attached below for reference. Broadly our submission included: 

Suggestions specific for small and medium e-commerce sellers:

  1. Provide exemption from monitoring for shipments below a certain threshold limit
  2. Allow periodic filing of consolidated small value shipments on EDPMS at periodic intervals

Suggestions for improving ease of doing business at an overall level:

  1. Enable integration of the EDPMS and eBRC portals
  2. Allowing API access of EDPMS to the seller and their third-party systems  

For more information, kindly write to tejasvi@nasscom.in and ananya@nasscom.in with a copy to policy@nasscom.in 


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20240830-RBI_FEMA_nasscom.pdf

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