RBI/2025-26/194 A.P. (DIR Series) Circular No. 20 January 16, 2026 All Authorised Dealers, Madam / Sir, Export and Import of Goods and Services The Reserve Bank has comprehensively reviewed the regulations and directions governing export and import of goods and services, under FEMA, 1999, in consultation with stakeholders, and issued Foreign Exchange Management (Export

Notification No. FEMA 23(R)/2026-RB January 13, 2026 Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2026 In exercise of the powers conferred by Section 7, Section 8, sub-section (6) of Section 10 and sub-section (2) of Section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999) and in supersession of the Foreign Exchange Management (Export of Goods & Services) Regulations, 2015 (Notification No. FEMA 23(R)/2015-RB dated January 12, 2016), except in respect of things done or omitted to be done before such supersession, Reserve Bank of

RESERVE BANK OF INDIA (FOREIGN EXCHANGE DEPARTMENT) CENTRAL OFFICE MUMBAI 400 001 No. FEMA 8(R)/2026-RB January 6, 2026 Foreign Exchange Management (Guarantees) Regulations, 2026

RBI/2025-26/192 A.P. (DIR Series) Circular No. 19 January 12, 2026 All Authorised Dealer Category I Banks, Madam / Sir, Foreign Exchange Management (Guarantees) Regulations, 2026

RBI/2025-26/140 A.P. (DIR Series) Circular No.18 December 8, 2025 To All Authorised Persons Madam / Sir, Export and Import of Indian Currency to or from Nepal and Bhutan

RESERVE BANK OF INDIA (Foreign Exchange Department) (Central Office) Mumbai – 400001 Notification No. FEMA 6 (R)/(4)/2025-RB November 28, 2025 Foreign Exchange Management (Export and Import of Currency) (Amendment) Regulations, 2025

RBI/2025-26/102 A.P. (DIR Series) Circular No.17 December 03, 2025 To All Authorised Persons Madam/Dear Sir,

RBI/2025-26/99 A.P. (DIR Series) Circular No. 16 November 28, 2025 All Authorised Persons Madam / Sir, Compliance with Know Your Customer (KYC) norms Attention of Authorised Persons is invited to instructions contained in Section I and Section VI of ‘Master Direction – Money Changing Activities’; Para 27(4) of ‘Master Direction – Overseas Investment’; Para 6.5 of ‘Master Direction – Other Remittance Facilities’; and Para 3.2.b and 8(i) of ‘Master Direction – Money Transfer Service Scheme (MTSS)’ on compliance with KYC norms.

RBI/FED/2025-26/98 A.P. (DIR Series) Circular. No 15/2025-26 November 24, 2025 To, All Authorised Persons Madam / Sir, Amendments to Directions - Compounding of Contraventions under FEMA, 1999 Attention of Authorised Persons is invited to Master Directions on compounding of contraventions under FEMA, 1999, dated April 22, 2025. 2. In order to streamline the receipt of compounding

RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE Mumbai 400 001 Notification No. FEMA 23(R)/(7)/2025-RB November 13, 2025 Foreign Exchange Management (Export of Goods and Services) (Second Amendment) Regulations, 2025 In exercise of the powers conferred by Section 7, Section 8 and sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following amendments to the Foreign Exchange Management (Export of Goods & Services) Regulations, 2015 [Notification No. FEMA 23(R)/2015-RB dated January 12, 2016] (hereinafter referred to as 'the Principal Regulations'), namely:

RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE MUMBAI - 400 001 Notification No. FEMA 10(R)(7)/2025-RB October 06, 2025 Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) (Seventh Amendment) Regulations, 2025 In exercise of the powers conferred by Section 9 and clause (e) of sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following amendments to the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 [Notification No. FEMA 10(R)/2015-RB dated January 21, 2016] (hereinafter referred to as 'the principal regulations'), namely:

RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE MUMBAI - 400 001 Notification No. FEMA 3(R)(4)/2025-RB October 06, 2025 Foreign Exchange Management (Borrowing and Lending) (Amendment) Regulations, 2025 In exercise of the powers conferred by sub-section (2) of Section 6 and 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:

RBI/2025-26/91 A.P. (DIR Series) Circular No. 14 October 03, 2025 To, All Authorised Dealer Category-I banks Madam / Sir, International Trade Settlement in Indian Rupees (INR)

RBI/2025-26/90 A.P. (DIR Series) Circular No. 13 October 03, 2025 To, All Authorised Dealer Category-I banks Madam / Sir Investment in Corporate Debt Securities by Persons Resident Outside India through Special Rupee Vostro account

RBI/2025-26/89 A.P. (DIR Series) Circular No.12 October 01, 2025 All Authorised Dealer Category-I Banks Madam / Sir, Export Data Processing and Monitoring System (EDPMS) & Import Data Processing and Monitoring System (IDPMS) – reconciliation of export /import entries – Review of Guidelines

RBI/2025-26/88 A.P. (DIR Series) Circular No. 11 October 01, 2025 All Authorised Dealer Category-I Banks Madam / Sir, Merchanting Trade Transactions (MTT) – Review of time period for outlay of foreign exchange

RESERVE BANK OF INDIA (Financial Markets Regulation Department) (CENTRAL OFFICE) NOTIFICATION MUMBAI, the 29th September, 2025 Foreign Exchange Management (Debt Instruments) (Fourth Amendment) Regulations, 2025 No. FEMA.396(4)/2025-RB. — In exercise of the powers conferred by clause (a) of sub-section (2) of section 6 and 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 (Debt Instruments) Regulations, 2019 (Notification No. FEMA.396/2019-RB dated October 17, 2019) (hereinafter referred to as 'the Principal Regulation'), namely:-

RBI/2025-26/72 A.P. (DIR Series) Circular No. 09 August 12, 2025 To, All Authorised Dealer Category-I banks Madam / Sir Investment in Government Securities by Persons Resident Outside India through Special Rupee Vostro account

RBI/2025-2026/71 A.P. (DIR Series) Circular No.08 August 05, 2025 To All Category-I Authorised Dealer Banks Madam/Sir International Trade Settlement in Indian Rupees (INR)

RESERVE BANK OF INDIA FOREIGN EXCHANGE DEPARTMENT CENTRAL OFFICE Mumbai 400001 Notification No. FEMA 23(R)/(6)/2025-RB June 24, 2025 Foreign Exchange Management (Export of Goods & Services) (Amendment) Regulations, 2025

RBI/2025-26/55 A.P. (DIR Series) Circular No. 07 June 13, 2025 All Authorised Dealer Category-I banks Madam / Sir, Import of Shipping Vessel - Relaxation Attention of Authorised Dealer (AD) Category - I banks is invited to Para C.1 of Master Direction – Import of Goods and Services (MD-Imports) dated January 01, 2016.

RESERVE BANK OF INDIA (FOREIGN EXCHANGE DEPARTMENT) CENTRAL OFFICE MUMBAI 400 001 Notification No. FEMA 10 (R)(6)/2025-RB April 29, 2025 Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Sixth Amendment) Regulations, 2025 In exercise of the powers conferred by section 9 and clause (e) of sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following amendment in the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2015 [Notification No. FEMA 10(R)/2015-RB dated January 2

RBI/2025-26/40 May 23, 2025 A.P. (DIR Series) Circular No. 6 To All Category – I Authorised Dealer Banks Madam / Sir Reporting on FIRMS portal – Issuance of Partly Paid Units by Investment Vehicles Attention of Authorised Dealer (AD) Category - I banks is invited to the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 (hereinafter referred as ‘Rules’), notified by the Central Government on October 17, 2019, which have been amended through the Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2024 vide S.O. 1361(E), dated March 14, 2024, enabling issuance of

RBI/2025-2026/37 A.P. (DIR Series) Circular No. 05/2025-26 May 16, 2025 All Category – I Authorised Dealer Banks Madam/Sir Exim Bank’s GOI-supported Line of Credit (LOC) for USD 700 million to the Govt. of Mongolia (GO-MNG), for financing construction of Crude Oil Refinery Plant in Mongolia

RBI/FED/2025-26/32 A.P. (DIR Series) Circular. No 04/2025-26 April 24, 2025 To, All Authorised Dealer Category-I banks and Authorised banks Madam / Sir, Amendments to Directions - Compounding of Contraventions under FEMA, 1999 Attention of Authorised Dealer (AD) Category - I banks is invited to

RBI/2025-26/30 A.P. (DIR Series) Circular No. 03 April 23, 2025 To, All Authorised Dealer Category-I banks Madam / Sir, Exports through warehouses in ‘Bharat Mart’ in UAE – relaxations

RBI/FED/2025-26/29 A.P. (DIR Series) Circular. No 02 /2025-26 April 22, 2025 To, All Authorised Dealer Category-I banks and Authorised banks Madam / Sir, Amendments to Directions - Compounding of Contraventions under FEMA, 1999 Attention of Authorised Dealer (AD) Category - I banks is invited to the Guidelines for compounding of contraventions under FEMA, 1999, issued vide A.P. (DIR Series) Circular No. 17/2024-25 dated October 1, 2024.

RBI/2025-26/20 A.P. (DIR Series) Circular No. 01 April 03, 2025 To, All Authorized Persons Madam / Sir Limits for investment in debt and sale of Credit Default Swaps by Foreign Portfolio Investors (FPIs)

RBI/2024-2025/125 A.P. (DIR Series) Circular No. 22 March 17, 2025 To All Category-I Authorised Dealer Banks Madam/ Sir Asian Clearing Union (ACU) Mechanism – Indo-Maldives trade

RBI//2024-2025/114 February 13, 2025 A.P. (DIR Series) Circular No. 21 All Category – I Authorised Dealer Banks Madam/Sir Export-Import Bank of India’s GOI-supported Line of Credit of USD 120 mn to the Government of the Socialist Republic of Vietnam (GO-VNM) for procurement of High-Speed Guard Boats in the Borrower’s Country Export-Import Bank of India (Exim Bank) has entered into an agreement dated July 31, 2024, with the Government of the Socialist Republic of Vietnam (GO-VNM), for making available to the latter, Government of India supported Line of Credit (LoC) of USD 120 mn (USD One Hundred Twenty Million Only) for procurement of High-Speed Guard Boats in the Borrower’s Country. The export of eligible goods and services from India, as defined under the agreement, would be allowed subject to their eligibility under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this agreement.

RBI//2024-2025/113 February 13, 2025 A.P. (DIR Series) Circular No. 20 All Category – I Authorised Dealer Banks Madam/Sir Export-Import Bank of India’s GOI-supported Line of Credit of USD 180 mn to the Government of the Socialist Republic of Vietnam for procurement of 4 Offshore Patrol Vessels (OPV) in the Borrower’s Country Export-Import Bank of India (Exim Bank) has entered into an agreement dated July 31, 2024, with the Government of the Socialist Republic of Vietnam (GO-VNM), for making available to the latter, Government of India supported Line of Credit (LoC) of USD 180 mn (USD One Hundred Eighty Million Only) for procurement of 4 Offshore Patrol Vessels (OPV) in the Borrower’s Country. The export of eligible goods and services from India, as defined under the agreement, would be allowed subject to their eligibility under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this agreement.

RESERVE BANK OF INDIA (FOREIGN EXCHANGE DEPARTMENT) CENTRAL OFFICE MUMBAI 400 001 Notification No. FEMA 14(R)(1)/2025-RB February 10, 2025 Foreign Exchange Management (Manner of Receipt and Payment) (Amendment) Regulations, 2025

Notification No. FEMA 395(3)/2025-RB January 14, 2025 Foreign Exchange Management (Mode of Payment and Reporting of Non- Debt Instruments) (Third Amendment) Regulations, 2025 In exercise of the powers conferred by 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 (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019 [Notification No. FEMA.395/2019-RB dated October 17, 2019] (hereinafter referred to as 'the Principal Regulations)

Notification No. FEMA 10(R)(5)/2025-RB January 14, 2025 Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) (Fifth Amendment) Regulations, 2025 In exercise of the powers conferred by Section 9 and clause (e) of sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following amendments to the Foreign Exchange Management (Foreign Currency Accounts by a person resident in India) Regulations, 2015 [Notification No. FEMA 10(R)/2015-RB dated January 21, 2016] (hereinafter referred to as 'the principal regulations')

RESERVE BANK OF INDIA
FOREIGN EXCHANGE DEPARTMENT
CENTRAL OFFICE
Mumbai 400 001

Notification No. FEMA 5(R)(5)/2025-RB                                                                                               January   14, 2025

Foreign Exchange Management (Deposit) (Fifth Amendment) Regulations, 2025

Notification No. FEMA 10 (R)/(4)/2024-RB November 19, 2024 Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) (Fourth Amendment) Regulations, 2024 In exercise of the powers conferred by section 9 and clause (e) of sub-section (2) of section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India makes the following amendment in the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 201

RBI/2024-25/90 November 11, 2024 A.P. (DIR Series) Circular No. 19 To All Category – I Authorised Dealer Banks Madam / Sir Operational framework for reclassification of Foreign Portfolio Investment to Foreign Direct Investment (FDI) Attention of Authorised Dealer (AD) Category - I banks is invited to the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, (hereinafter referred to as ‘Rules’) notified by the Central Government on October 17, 2019.

RBI/2024-25/79  A.P. (DIR Series) Circular No. 18 October 04, 2024 To All Category - I Authorised Dealer Banks Madam/Sir, Due diligence in relation to non-resident guarantees availed by persons resident in India

RBI/FED/2024-25/78 A.P. (DIR Series) Circular. No.17/2024-25 October 01, 2024 To, All Authorised Dealer Category – I banks and Authorised banks Madam / Sir, Directions - Compounding of Contraventions under FEMA, 1999 The provisions of section 15 of Foreign Exchange Management Act, 1999 (42 of 1999) [hereinafter referred to as ‘FEMA

RBI/2024-25/74 September 06, 2024 A.P. (DIR Series) Circular No. 16 To All Authorised Dealer Category-I banks Madam/Sir, Liberalised Remittance Scheme (LRS) for Resident Individuals- Discontinuation of Reporting of monthly return

RESERVE BANK OF INDIA (Financial Markets Regulation Department) (CENTRAL OFFICE) NOTIFICATION Mumbai, the 2nd August, 2024 Foreign Exchange Management (Debt Instruments) (Third Amendment) Regulations, 2024 No. FEMA.396(3)/2024-RB. — In exercise of the powers conferred by clause (a) of sub-section (2) of section 6 and section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendment to the Foreign Exchange Management (Debt Instruments) Regulations, 2019 (Notification No. FEMA.396/2019-RB dated October 17, 2019) (hereinafter referred to as 'the Principal Regulation'), namely:-

RBI/2024-25/49 A.P. (DIR Series) Circular No. 15 July 10, 2024 To, All Authorised Persons Madam / Sir, Remittances to International Financial Services Centres (IFSCs) under the Liberalised Remittance Scheme (LRS)

RBI/2024-2025/48 July 08, 2024 A.P. (DIR Series) Circular No. 14 All Category – I Authorised Dealer Banks Madam/Sir Export-Import Bank of India’s GOI-supported Line of Credit of USD 2.50 mn to the Government of Co-operative Republic of Guyana, for installation of Solar Photo Voltaic Power Plant at Cheddi Jagan International Airport Export-Import Bank of India (Exim Bank) has entered into an agreement dated February 29, 2024 with the Government of the Co-operative Republic of Guyana (GO-GUY), for making available to the latter, Government of India supported Line of Credit (LoC) of USD 2.50 mn (USD Two Million Five Hundred Thousand Only) for installation of Solar Photo Voltaic Power Plant at Cheddi Jagan International Airport in Guyana.

RBI/2024-25/47 A.P. (DIR Series) Circular No. 13 July 03, 2024 To, All Authorised Dealers in Foreign Exchange Madam / Dear Sir, Release of foreign exchange for Miscellaneous Remittances In terms of the direction issued under the A.P.(DIR Series) Circular No. 16 dated September 12, 2002, A.P.(DIR Series) Circular No. 55 dated December 23, 2003 and A. P. (DIR Series) Circular No.118 dated May 07, 2012, Authorised Dealers are permitted to release foreign exchange for any current account transaction, on the basis of a simple letter containing basic information and subject to an upper limit of USD 25,000 or its equivalent. It was also advised that Authorised Dealers need not obtain any other documents, including Form A2, and that the payment was to be made by the applicant through Demand Draft or a cheque drawn on his / her bank account.

RBI/2024-25/46 A.P. (DIR Series) Circular No. 12 July 03, 2024 To All Authorised Dealers in Foreign Exchange Madam / Dear Sir Online submission of Form A2: Removal of limits on amount of remittance Attention of Authorised Dealer (AD) Category-I banks and AD Category-II entities is invited to paragraph 4 of A.P. (DIR Series) Circular No. 50 dated February 11, 2016 (Compilation of R-Returns: Reporting under FETERS) and A.P. (DIR Series) Circular No. 02 dated April 12, 2023 (Authorised Dealers Category-II – Online Submission of Form A2), wherein AD Category-I banks and AD Category-II entities were permitted to allow submission of Form A2 through online mode by their customers, subject to certain conditions and limits.

RBI/2024-2025/43 FED Circular No. 11 June 11, 2024 All Scheduled Commercial Banks (holding AD Category-I license) Madam/Sir International Trade Settlement in Indian Rupees (INR) – Opening of additional Current Account for settlement of trade transactions Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to FED Circular No. 08 dated November 17, 2023, in terms of which, AD Category-I banks maintaining Special Rupee Vostro Account vide A.P. (DIR Series) Circular No.10 dated July 11, 2022 on International Trade Settlement in Indian Rupees (INR) were permitted to open an additional special current account for its constituents, exclusively for settlement of export transactions. 

RBI/2024-2025/42 June 11, 2024 A.P. (DIR Series) Circular No. 10 All Category – I Authorised Dealer Banks Madam/ Sir Export-Import Bank of India (Exim Bank)’s Government of India -supported Line of Credit of USD 23.37 mn to the Government of the Co-operative Republic of Guyana (GO-GUY), for procurement of two Hindustan 228-201 aircraft from Hindustan Aeronautics Ltd.

RBI/2024-25/41 A.P. (DIR Series) Circular No. 09 June 07, 2024 To All Category-I Authorised Dealer Banks Madam/ Sir Foreign Exchange Management (Overseas Investment) Directions, 2022 - Investments in Overseas Funds Attention of Category-I Authorised Dealer Banks is invited to Paragraph 1(ix)(e) of Foreign Exchange Management (Overseas Investment) Directions, 2022, issued vide A.P. (DIR Series) Circular No.12 dated August 22, 2022, in terms of which, investment (including sponsor contribution) in units of any investment fund overseas, duly regulated by the regulator for the financial sector in the host jurisdiction, shall be considered as Overseas Portfolio Investment. Further, as per the provisions of Paragraph 1(ix)(e) and Paragraph 24(1) of FEM (OI) Directions, 2022, investments can be made in “units” of investment funds.

RBI/2024-25/39
A.P. (DIR Series) Circular No. 08 May 27, 2024 To
All Authorised Persons in Foreign Exchange Madam/ Sir Instructions on Money Changing Activities Attention is invited to FED Master Direction No.3 / 2015-16 dated January 01, 2016 (updated from time to time) on Money Changing Activities. 2. In terms of extant instructions, Full Fledged Money Changers (FFMCs)/non-bank Authorised Dealers (ADs) Category-II may obtain their normal business requirements of foreign currency notes from other FFMCs and Authorised Dealers (ADs) in India. Further, they are also required to keep balances in foreign currencies at reasonable levels to avoid build-up of idle balances.

RBI/2024-25/36 A.P. (DIR Series) Circular No. 7 May 21, 2024 To All Authorised Dealer Category – I banks Madam / Sir Issuance of partly paid units to persons resident outside India by investment vehicles under Foreign Exchange Management (Non-debt Instruments) Rules, 2019 Attention of Authorised Dealer (AD) Category - I banks is invited to the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, notified by the Central Government on October 17, 2019, which have been amended through the Foreign Exchange Management (Non-debt Instruments) (Second Amendment) Rules, 2024 videS.O. 1361(E), dated March 14, 2024, enabling issuance of partly paid units to persons resident outside India by investment vehicles.