The Reserve Bank of India (RBI), through the Foreign Exchange Management (Export of Goods and Services) (First Amendment) Regulations, 2026, has amended Regulation 9 of the Foreign Exchange Management (Export of Goods and Services) Regulations, 2015. The amendment reduces the period available for realization and repatriation of export proceeds from fifteen months to nine months. Specifically, the term “fifteen months” in Regulation 9(1) and Regulation 9(2)(a) has been replaced with “nine months.” The revised timeline takes effect from the date of publication of the notification in the Official Gazette. As a result, exporters are now required to realize and bring back export earnings to India within nine months from the date of export, unless otherwise permitted under FEMA. The amendment reflects a tighter foreign exchange compliance framework and is expected to strengthen monitoring of export receivables, improve foreign exchange inflows, and encourage timely realization of export proceeds while reducing the extended compliance window previously available to exporters.
RESERVE BANK OF INDIA
(Foreign Exchange Department)
(CENTRAL OFFICE)
NOTIFICATION
Mumbai, the 5th June, 2026
Foreign Exchange Management (Export of Goods and Services) (First Amendment) Regulations, 2026
F. No. FEMA 23(R)/(8)/2026-RB.— 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) (First Amendment) Regulations, 2026
(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 ‘fifteen months’, the words ‘nine months’ shall be substituted.
(ii) in sub-regulation (2), in clause (a) for the words ‘fifteen months’, the words ‘nine months’ shall be substituted.
ROHIT P. DAS, Regional Director
[ADVT.-III/4/Exty./151/2026-27]
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
vii. FEMA 23(R)/(7)/2025-RB dated November 13, 2025
