1. Comprehensive
Review:
RBI is reviewing circulars issued under FEMA, 1999 since June
1, 2000.
2. Seven
Circulars Withdrawn:
Seven circulars listed in the Annex have been withdrawn as they are no longer
operative.
3. Reasons
for Withdrawal:
The circulars have become obsolete due to:
o Subsequent regulatory
amendments;
o Redundancy;
o Overlap with other
instructions; or
o Supersession by newer
directives.
4. Action
by Authorised Persons:
Authorised Persons (APs) are required to inform their concerned constituents
about the withdrawal.
5. Legal
Authority:
The directions are issued under Sections 10(4) and 11(1) of
FEMA, 1999.
6. Other
Legal Requirements Unaffected: The withdrawal is without
prejudice to any permissions or approvals that may be required under
other applicable laws.
7. Objective: The initiative aims to rationalise,
simplify and streamline the FEMA regulatory framework by removing obsolete and
overlapping instructions.
[A.P. (DIR Series) Circular No. 21 dated September 08, 2026]
In pursuance
of the Reserve Banks ongoing
initiative to rationalise the regulatory framework under
the Foreign Exchange Management Act, 1999 (FEMA),
a comprehensive review
of circulars issued since
June 01, 2000, is underway.
2.
In furtherance of the aforementioned initiative, seven circulars
as listed at Annex, that have ceased to be operative owing to subsequent regulatory amendments, redundancy, overlap or supersession by newer directives, are being withdrawn.
3.
Authorised Persons may bring the contents of this circular
to the notice of their constituents concerned.
4.
The directions contained in this circular have been issued under Section 10(4) and Section
11(1) of the FEMA, 1999 (42 of 1999) and are without
prejudice to permissions / approvals, if any, required under any other law.
List
of A.P. (DIR Series)
Circulars superseded
|
Sr.No. |
Subject |
AP
(DIR) Series
Circular No. |
Date |
|
1 |
External Commercial Borrowings (ECB) Policy - Issuance of Rupee denominated bonds overseas |
17 |
29.09.2015 |
|
2 |
25 |
03.09.2014 |
|
|
3 |
External Commercial Borrowings (ECB) Policy Liberalisation of definition of Infrastructure Sector |
85 |
06.01.2014 |
|
4 |
Borrowing and Lending in Rupees - Investments by persons resident outside India in the tax free,
secured, redeemable, non-convertible bonds |
81 |
24.12.2013 |
|
5 |
External Commercial Borrowings (ECB) Policy Import
of Services, Technical know-how and License Fees |
119 |
26.06.2013 |
|
6 |
49 |
07.11.2012 |
|
|
7 |
External Commercial Borrowings Policy ECB by Small Industries Development Bank of India |
48 |
06.11.2012 |