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PTI

Updated At : 08:49 PM Apr 04, 2025 IST

RBI proposes regulations on export, import transactions

The Reserve Bank on Friday came out with revised draft regulations that cover export and import transactions under FEMA with an aim to promote ease of doing business.

As per the revised draft, if the export proceeds of an exporter remain unrealised for a period beyond two years from the due date and the cumulative unrealised export proceeds of that exporter exceeds Rs 25 crore, he shall undertake further exports only against receipt of full advance or an irrevocable letter of credit.

On import of gold and silver, the RBI has proposed that no advance remittance for the import of gold and silver shall be permitted by an authorised dealer, said the 'Regulation of Foreign Trade under Foreign Exchange Management Act (FEMA), 1999 -- Draft Regulations and Directions'.

In July last year, the RBI had issued the draft, and based on the feedback received from the public and subsequent further consultations with various stakeholders, the proposed regulations and directions have been further revised.

"The emphasis of revised regulations is on enhancing the ease of doing business and bringing all instructions onto a single document," the RBI said.

The proposed regulations incorporate instructions issued to authorised dealers, including the processes to be followed by the authorised dealers for handling transactions related to export and import, which are at present issued separately as directions to authorised dealers.

The central bank has sought comments and feedback on the draft regulations and directions by April 30, 2025.

PM Modi proposes 21-point action plan to boost engagement among BIMSTEC nations

Prime Minister Narendra Modi on Friday proposed a 21-point action plan that includes linking India's UPI with the payment systems of BIMSTEC nations and setting up a BIMSTEC Chamber of Commerce to strengthen engagement among the grouping's members.

Addressing the sixth BIMSTEC Summit, the Prime Minister said the grouping is an important forum to further global good.

"It is imperative we strengthen it and deepen our engagement. In this context, I proposed a 21-point Action Plan covering different aspects of our cooperation," Modi posted on X.

The action plan also includes BODHI or BIMSTEC for Organised Development of Human Resource Infrastructure initiative. Under this, 300 youth from BIMSTEC countries will be trained in India every year.

Under the plan, he proposed a pilot study to understand the needs of BIMSTEC countries to share the experience of Digital Public Infrastructure (DPI).

“Additionally, I propose linking India's Unified Payment Interface (UPI) with the payment systems in the BIMSTEC region. This will benefit trade, industry, and tourism at all levels,” Modi said.

To boost business across BIMSTEC nations, the Prime Minister also proposed setting up a BIMSTEC Chamber of Commerce, organise annual business summits and explore promoting trade in local currencies within the region.

At the outset, the Prime Minister offered his condolences for the loss of lives and property in Myanmar and Thailand in the devastating earthquake on March 28.

The BIMSTEC Summit adopted the Bangkok Vision 2030 to realise the shared commitment to prosperity, security, and inclusivity in the Bay of Bengal region.

For youth engagement, he said the BIMSTEC Young Leaders' Summit will be held this year and the BIMSTEC Hackathon and Young Professional Visitors programme will be launched.

NewsBytes

PTI

RBI proposes regulations on export, import transactions

PM Modi proposes 21-point action plan to boost engagement among BIMSTEC nations

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