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Review of Circulars issued under Foreign Exchange Management Act, 1999 (FEMA)
RBI Withdraws Seven Superseded FEMA Circulars, Mostly on External Commercial Borrowings
RBI's September 8, 2026 circular withdraws seven A.P. (DIR Series) circulars under FEMA, 1999 — five on External Commercial Borrowings, one on Money Transfer Service Scheme sub-agents, and one on rupee borrowing by non-residents — as part of an ongoing review of circulars issued since June 2000.
Review of Circulars issued under Foreign Exchange Management Act, 1999 (FEMA)
9 September 2026Eff. 8 September 202611 min
Rationalisation of Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 – Draft Rules for Comments
MandatoryRBI Releases Draft FEMA (Foreign Investment) Rules, 2026 to Replace NDI Rules, 2019
RBI released draft Foreign Exchange Management (Foreign Investment) Rules, 2026 on 21 July 2026, proposing to replace the NDI Rules, 2019 entirely with a simplified, principle-based FDI/FPI framework. Comments due 31 August 2026.
Rationalisation of Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 – Draft Rules for Comments
21 July 202617 min
oreign Exchange Management (Deposit) (Sixth Amendment) Regulations, 2026
RBI Issues Foreign Exchange Management (Deposit) Sixth Amendment Regulations, 2026 — SNRR Account Norms Eased
RBI's Sixth Amendment to the FEMA Deposit Regulations, 2026 (effective June 18, 2026) drops the "business interest in India" test for SNRR accounts, permits NRO-to-SNRR transfers, and removes several operational conditions in Schedule 4. Affects AD banks, NRIs, OCIs and foreign entities.
oreign Exchange Management (Deposit) (Sixth Amendment) Regulations, 2026
30 June 2026Eff. 18 June 202614 min
Review of Circulars issued under Foreign Exchange Management Act, 1999 (FEMA)
RBI Withdraws 732 Defunct FEMA Circulars Under Regulatory Rationalisation Drive (A.P. DIR Series Circular No. 18, 2026)
RBI has withdrawn 732 A.P. (DIR Series) circulars issued since June 2000 under FEMA 1999, covering ECB, FDI, LRS, NRI deposits, AML/KYC, and Exim Bank LoCs—all rendered redundant by subsequent amendments.
Review of Circulars issued under Foreign Exchange Management Act, 1999 (FEMA)
25 June 2026Eff. 24 June 202616 min
Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) (Amendment) Regulations, 2026
MandatoryFEMA 395(4)/2026-RB: NRI/OCI Investment Payment Rules Amended — NRO Accounts Permitted for NPS, Designated Rupee Account Mandated
RBI issued FEMA 395(4)/2026-RB on June 13, 2026 amending Mode of Payment for NRI/OCI investments. Key changes: NRO accounts now permitted for NPS subscriptions, designated repatriable rupee account required for Schedule III, and LEC (IFI) reporting updated.
Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) (Amendment) Regulations, 2026
23 June 2026Eff. 13 June 202615 min
Foreign Exchange Management (Export of Goods and Services) (First Amendment) Regulations, 2026
MandatoryFEMA Export Realisation Period Reverted to 9 Months — First Amendment 2026 Explained
RBI’s First Amendment 2026 to the FEMA Export Regulations reverses last year’s 15‑month relaxation and restores a 9‑month export proceeds realisation period under the 2015 framework until FEMA 2026 takes over from 1 October 2026. This guide explains the timelines, rules and impact.
Foreign Exchange Management (Export of Goods and Services) (First Amendment) Regulations, 2026
14 June 2026Eff. 5 June 202626 min
Foreign Exchange Management (Cross Border Merger) (Amendment) Regulations, 2026
MandatoryFEMA Cross‑Border Merger Amendment 2026: NCLT Replaced by “Competent Authority”
RBI’s 2026 amendment to the Cross Border Merger Regulations replaces “NCLT” with “Competent Authority” across key provisions, aligning FEMA with fast‑track mergers and the Corporate Laws (Amendment) Bill, 2026 and finally giving RD‑approved schemes full FEMA clarity.
Foreign Exchange Management (Cross Border Merger) (Amendment) Regulations, 2026
13 June 2026Eff. 5 June 202623 min
Notification No. FEMA 401/2026-RB dated April 30, 2026 — Foreign Exchange Management (Authorised Persons) Regulations, 2026. Published in the Gazette of India Extraordinary, Part III — Section 4, CG-MH-E-06052026-272222.
MandatoryRBI Foreign Exchange Management (Authorised Persons) Regulations, 2026 Explained
RBI’s Foreign Exchange Management (Authorised Persons) Regulations, 2026 (FEMA 401/2026) overhaul India’s forex authorisation regime with a three‑tier AD framework, stricter fit‑and‑proper and turnover rules, PRAVAAH‑based online applications and a new statutory appeal mechanism.
Notification No. FEMA 401/2026-RB dated April 30, 2026 — Foreign Exchange Management (Authorised Persons) Regulations, 2026. Published in the Gazette of India Extraordinary, Part III — Section 4, CG-MH-E-06052026-272222.
13 May 2026Eff. 6 May 202623 min