1. INTRODUCTION The Reserve Bank of India (the "RBI") has introduced the Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2021 (the "Amendment Regulations") through a notification1 dated January 08, 2021, and amended the Foreign Exchange Management (Export of Goods and Services) Regulations, 2015 (the "Principal Regulations"). The RBI aims to introduce certain exemptions related to the aviation sector through the Amendment Regulations by substituting the erstwhile Regulation 4(ea) of the Principal Regulations. 2. KEY CHANGE The Amendment Regulations have substituted the erstwhile Regulation 4(ea) of the Principal Regulations by including the newly inserted Regulation 4(ea) which is as follows: "(ea) re-export of leased aircraft/ helicopter and/or