Notification No.FEMA.114/2004-RB dated 13 March , 2004

Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2004

In exercise of the powers conferred by clause (a) of sub-section (1) and sub-section (3) of Section 7, 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 3^rd May 2000, as amended from time to time, the Reserve Bank of India makes the following amendment in the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000, namely :

a. The regulations may be called the Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2004.

b. They shall come into force from the date of their publication in the Official Gazette.

In the Foreign Exchange Management (Export of Goods and Services) Regulations, 2000, in Regulation 17, the following amendments shall be made, namely :-

(i) in sub-regulation (1), for clause (b) the following shall be substituted, namely : '(b) that any declaration to be furnished to the specified authority shall be submitted to the authorised dealer for its prior approval, which may, having regard to the circumstances, be given or withheld or may be given subject to such conditions as may be specified by the Reserve Bank by directions issued from time to time.'

(ii) for sub-regulation (2), the following shall be substituted, namely :

'(2) No direction under sub-regulation (1) shall be given by the Reserve Bank and no approval under clause (b) of that sub-regulation shall be withheld by the Authorised Dealer, unless the exporter has been given a reasonable opportunity to make a representation in the matter.'

Shyamala Gopinath
Executive Director

Foot Note :The Principal Regulations were published in the Official Gazette vide G.S.R.No.409(E) dated May 3, 2000 in Part II, Section 3, Sub-section (i) and subsequently amended vide

a) G.S.R.No.199(E) dated February 27, 2001,

b) 473(E) dated April 1, 2002,

c) 773(E) dated August 27, 2003, and

d) 900(E) dated October 29, 2003.