Foreign Exchange Management (Export of Goods and Services) (Second Amendment) Regulations, 2025
The Reserve Bank of India issued Notification No. FEMA 23(R)/(7)/2025-RB on November 13, 2025, amending the Foreign Exchange Management (Export of Goods and Services) Regulations, 2015. Under its powers conferred by the Foreign Exchange Management Act, 1999, the RBI has revised key timelines for compliance. Regulation 9, which previously allowed exporters nine months to repatriate proceeds, has been extended to fifteen months. Similarly, Regulation 15, which governed retention of export proceeds, previously limited to one year, is now extended to three years across all relevant sub-sections. These amendments aim to provide exporters with greater flexibility in managing foreign exchange receipts, easing operational pressures, and ensuring smoother compliance with FEMA norms. The regulations take effect immediately upon publication in the Official Gazette. This represents the second amendment to the principal regulations, following a series of prior amendments in 2017, 2019, 2020, 2021, and earlier in 2025.
RESERVE BANK OF INDIA
FOREIGN EXCHANGE DEPARTMENT
CENTRAL OFFICE
Mumbai 400 001
Notification No. FEMA 23(R)/(7)/2025-RB | Dated: November 13, 2025
Foreign Exchange Management (Export of Goods and Services) (Second Amendment) Regulations, 2025
In exercise of the powers conferred by Section 7, Section 8 and sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following amendments to the Foreign Exchange Management (Export of Goods & Services) Regulations, 2015 [Notification No. FEMA 23(R)/2015-RB dated January 12, 2016] (hereinafter referred to as ‘the Principal Regulations’), namely:
1. Short Title and Commencement:-
(i) These regulations may be called the Foreign Exchange Management (Export of Goods and Services) (Second Amendment) Regulations, 2025
(ii) They shall come into force from the date of their publication in the Official Gazette.
2. Amendment to Regulation 9:-
In the principal regulations, in regulation 9 –
(i) in sub-regulation (1) for the words ‘nine months’, the words ‘fifteen months’ shall be substituted.
(ii) in sub-regulation (2), in clause (a) for the words ‘nine months’, the words ‘fifteen months’ shall be substituted.
3. Amendment to Regulation 15:-
In the principal regulations, in regulation 15 –
(i) in sub-regulation (1), in clause (i) for the words ‘one year’, the words ‘three years’ shall be substituted.
(ii) in proviso to sub-regulation (1), for the words ‘one year’, the words ‘three years’ shall be substituted.
(iii) in sub-regulation (2), for the words ‘one year’, the words ‘three years’ shall be substituted.
(Rohit P. Das)
Regional Director
Foot Note: The Principal Regulations were Published in the Official Gazette of Government of India – Extraordinary – Part-II, Section 3, Sub-Section (i) dated 12.01.2016- G.S.R.No.19(E) and subsequently amended vide the following, namely as under:-
i. G.S.R.No. 635(E) dated 23.06.2017
ii. FEMA 23(R)/(2)/2019-RB dated December 03, 2019
iii. FEMA 23(R)/(3)/2020-RB dated March 31, 2020
iv. FEMA 23(R)/(4)/2021-RB dated January 08, 2021
v. FEMA 23(R)/(5)/2021-RB dated September 08, 2021
vi. FEMA 23(R)/(6)/2025-RB dated June 24, 2025
