RBI Updates FEMA: Offshore Vessels Must Be Re-Imported
The Reserve Bank of India (RBI) introduced an important amendment to its Foreign Exchange Management (Export of Goods & Services) Regulations, 2015. The latest amendment focuses on a new addition to sub-regulation for exporting goods and services, such as Tugs or Tug Boats, Dredgers, and Vessels used for offshore support services. As per the latest notification issued by the RBI, the following changes are being made to the Foreign Exchange Management (Export of Goods & Services) Regulations, 2015:
- These regulations will be known as the Foreign Exchange Management (Export of Goods & Services) (Amendment) Regulations, 2025.
- A new sub-regulation (ca) is added after sub-regulation (c). It covers Tugs or Tug Boats, Dredgers, and Vessels used for providing offshore support services, with the condition that they must be re-imported to india.
These changes will be applicable from the date of their publication in the Official Gazette.
Refer to the official notification for more information.