Mumbai, April 5 -- The Reserve Bank of India (RBI) on Friday issued a revised draft of regulations under the Foreign Exchange Management Act (FEMA), 1999, aimed at simplifying and streamlining export and import procedures to promote ease of doing business.

One of the key proposals states that exporters with unrealised export proceeds exceeding Rs 25 crore, pending for over two years from the due date, will only be allowed to carry out further exports if payments are made in full advance or backed by an irrevocable letter of credit.

In a significant move concerning precious metal imports, the RBI has proposed that authorised dealers shall not permit any advance remittance for importing gold or silver. This marks a shift in the approach t...