The Reserve Bank of India (RBI) on Tuesday came out with new draft regulations and directions to liberalise the rules covering foreign trade transactions to promote the ease of doing business, especially for small exporters and importers.

The new regulations are also intended to empower Authorised Dealer banks to provide quicker and more efficient service to their foreign exchange customers.

The RBI said the decision to rationalise regulations that cover export and import transactions is a continuation of its efforts to progressively liberalise policies governing foreign exchange transactions under FEMA, 1999.

The RBI said the draft regulations under FEMA and directions to Authorised Dealer banks are available on its website for public response.

Comments on the draft proposals (regulations as well as directions) may be forwarded via email by September 1, 2024, with the subject line 'Feedback on draft regulations and directions on export and import under FEMA', the RBI said.