RBI/2025-26/223 A.P. (DIR Series) Circular No. 23 February 18, 2026 All Authorised Persons Madam / Sir, Reporting under Foreign Exchange Management Act, 1999 – Returns pertaining to External Commercial Borrowing (ECB)

RBI/2025-26/221 A.P. (DIR Series) Circular No. 22 February 16, 2026 All Authorised Dealer Category I Banks, Madam / Sir, Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations, 2026 The Reserve Bank of India had released draft amendment to Foreign Exchange Management (Borrowing and Lending) Regulations, 2018

RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE Mumbai 400 001 Notification No. FEMA 3(R)(5)/2026-RB February 09, 2026 Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations, 2026 In exercise of the powers conferred by sub-section (2) of section 6, sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments to the Foreign Exchange Management (Borrowing and Lending) Regulations, 2018 (Notification No. FEMA 3(R)/2018-RB dated December 17, 2018) (hereinafter referred to as the ‘Principal Regulations’), namely: