FOREIGN EXCHANGE REGULATION CONCERNING EXPORTS : Export of goods is the most important foreign exchange earner for the country and the law provides that foreign exchange in payment of exported goods must be realised in full and with utmost promptness. Exploiters are required to give a declaratory for almost all exports to realise export proceeds within the prescribed period. The amended FERA (Foreign Exchange and Regulation Act, 1993) allows import and export of gold and silver under the provisions of export - import policy of the Government of India. The bringing in or taking out of personal Jewellery by travellers would be regulated by CUS~OI~IAS ct and Baggage rules. Import and export of any Indian currency or foreign exchange is prohibited except with the general Or special permission of the Reserve Bank.

Exchange control procedures envisage ensuring that no foreign exchange arising out of exports from India is lost. The important provisions include declaration of exports on prescribed forms, realisation of export proceeds in permitted methods, permitted currencies prescribed period and prescribed manner. Let us discuss them id detail.