RBI Circulars


RBI Delegates some Powers to Regional Offices on Compounding Offences under FEMA


RBI Discontinues 17 Returns/Reports under FEMA, 1999


Export Credit of US$20.10 mn to Nicaragua for Reconstruction of Aldo Chavarria Hospital


Payment System Operators Allowed to Set Up Self Regulatory Organisation

RBI Notification RBI/2020-21/58 dated 22 October 2020

No More Proprietor QR Codes from April 2022 only UPI and Bharat QRs

RBI Notification RBI/2020-21/59 dated 22 October 2020

Reserve Bank Defines Forex Derivative Contract

RBI Notification 23 October 2020

Authorised Dealers have the Power to List or Delist from Caution List of Dubious Exporters, Signals 'the end' to Auto Listing

A.P. (DIR Series) Circular No.03 dated October 09, 2020

Export Credit of USD 310mn to Zimbabwe for Repowering of Hwange Thermal Power Station

A.P. (DIR Series) Circular No.02 dated October 08, 2020

Interest Subvention Scheme for MSMEs, 2018

·   Salient Features and Operational Guidelines for Implementation of the Scheme released by MSMEs Ministry

DOR (PCB).BPD.Cir No.3/13.05.001/2020-21 dated October 7, 2020

Exim Bank Release $215mn Credit to Malawi to Finance Imports from India

RBI Circular No. 01 dated 17th September 2020

RBI takes Powers to Allow Import and Export of Indian Currency, New Regulation 9 Inserted in FEMA 6, 29 Dec 2015

Notification No. FEMA 6 (R)/(2)/2020-RB dated August 11, 2020

New Definition of Micro, Small and Medium Enterprises – RBI Clarifications

[RBI/2020-2021/26 - FIDD.MSME & NFS.BC.No.4/06.02.31/2020-21 dated 21 August 2020]

Credit flow to Micro, Small and Medium Enterprises Sector

·   Classification of enterprises

·   Composite criteria of investment and turnover for classification

·   Calculation of investment in plant and machinery or equipment

·   Calculation of turnover

RBI/2020-2021/10 - FIDD.MSME & NFS.BC.No.3/06.02.31/2020-21 dated July 2, 2020

Credit Card Routine Timeline Extended to 30 Sept 2020

RBI/2019-20/251 - DPSS.CO.PD.No. 1897/02.14.003/2019-20 dated 4 June 2020

Agro Interest Subvention Repayment Incentive to continue upto 31 Aug 2020 for Small Farmers

RBI/2019-20/250 F- IDD.CO.FSD.BC.No. 25/05.02.001/2019-20 dated 4 June 2020

Pre-shipment and Post-shipment Export Credit Sanctioned by Banks from One Year to 15 Months, for Disbursements made upto 31 July 2020

DOR.DIR.BC.No. 73/04.02.002/2019-20 dated 23rd May 2020

Import of Goods and Services – Time Limit for Settlement of Import payment Extended to 12 months from Six Months


RBI Cuts Interest rates, Extends Credit Periods for Stressed Industries

RBI Press Release dated May 22 2020

RBI Extends EMI Moratorium Period by Three months, Cuts Repo Rate Cut by 0.4% – Know the Impact

ABS News Service/22.05.2020

RBI Cuts Repo Rate by 0.4 percent

·    Financial Market may Turn Volatile as more Liquidity Released in Market

·    Inflation under Control, Food Supply Good

RBI Press Release dated May 22 2020

Directions on Hedging of Foreign Exchange Risk by Residents and Non-Residents to be Implemented only from 1 Sept 2020 and not from 1 June 2020


Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit Extended by One More Year to 31 March 2021

RBI/2019-20/231 - DOR.Dir.BC.No. 69/04.02.001/ 2019-20 dated 13 May 2020

RBI to Release Rs.50,000 crs in Market to Mutual Funds by Repo Operations with 90 days Tenor in 27 April to 11 May 2020 Period

RBI Circular dated 27th April 2020

Ministry of Finance Issues FEMA Notification on Prior Govt Clearance for Investment from land Bordering Countries including China

[Not clear whether Afghanistan is included in Hit List. The papers are saying Afghanistan is included, notification is mysteriously silent on this.

There is a narrow strip of 105 km in POK in Gilgit Baltistan which borders Afghanistan. The Afghanis do not recognise this as it is based on the British delineated Durand line.

Measure is not good for India. Other investors like Facebook will raise their price of investment since there is less competition. – Editor]

S.O. 1278(E) dated 22.04.2020

RBI Extends Credit to States by 60% over 31 March 2020

RBI Press Release: 2019-2020/2233 dated 17th April 2020

Corporate Bonds Limits Hiked to 5.41 lakh crs in Oct 2020-Mar 2021 from Rs. 4.29 lakh crs in Previous Half


RBI Issues Final directions for Hedging of Foreign Exchange Risk by Residents and Non-Residents

·   “Ease of Access” to All for Forex Derivatives

·   New Regulations to Come into effect from 1 June 2020

·   Firm Returns Withdrawn


Remittances from Non-Residents to PM-CARES Fund


RBI Extends Realisation and Repatriation of Proceed of Export of Goods, Software or Services to 15 months from 9 months


Export Credit of USD 161.36mn to Burundi for Construction of Parliament Building (Gitega) and Ministerial Building


RBI Invites Non-Residents to Invest in Government Securities without “Restriction” on Fully Accessible Route (FAR)

·   No Investment Limit

·   FPIs and OCIs also Allowed along with NRIs

·   Investment through Depositories

·  FEMA Rules to Operate


FPI Investment Limit in Corporate Bond Increased to 15% i.e. by Rs. 4.49 lakh crores

·   G-Sec and SDLs (State Development Loans) Hiked, Limit to be Advised Shortly


Non-deliverable Derivative Contract in Foreign Exchange with Rupee Allowed to Non Residents


RBI Governor’s Statement on Seventh Bi-monthly Monetary Policy Statement, 2019-20, March 27, 2020

RBI Press Release/27.03.2020

Japanese Yen Included in ACU along with Dollar and Euro for Settling Payment among the ACU Member Countries


Export Credit of USD11.13 mn to Suriname for Rehabilitation and Upgradation of De Melkcentrale N.V. Milk Processing Plant


RBI Issues Revised Guidelines on Merchanting Trade Transactions (MTT)


Investment thru Voluntary Retention Route (VRR) Cap Raised to Rs. 150K crs from Rs. 75K crs


Short Term Investment Limit for FPI Increased to 30% from 20%


RBI Allows Rupee Derivatives Trading in International Financial Services Centres (IFSC)


Hedging of Commodity Price Risk and Freight Risk in Overseas Markets


Customer and Inter-bank Transactions beyond Onshore Market Hours


Cuba Gets USD 75mn Credit for Installation of 75MW Photovoltaic Solar Parks


Zimbabwe Gets USD 23mn Credit for Bulawayo Thermal Power Plant Project


Zimbabwe Gets USD 19.5 mn Credit for Deka Pumping Station and River Intake System Upgradation


Bangladesh Gets USD 500 mn Credit for Defence Purchases from India

·      Condition Requires Purchase of 75% of Credit from India thru Exim Bank


Bharat Diamond Bourse Listed as Special Notified Zone for Exports without EDF


Special NRI Rupee Account (SNRR) Allowed in India to Non Residents

·    Export Import Invoicing in INR, Trade Credit ECB and Administrative Expenses in Rupees Allowed


FEMA Deposit Regulations Amended

Notification No. FEMA 5 (R)/(3)/2019-RB dated November 13, 2019

Receipt and Payment under FEMA Regulations Amended

Notification No. FEMA 14(R)/(1)/2019-RB dated November 13, 2019

Payment Procedures for Non Debt Investment Regulations Notified

Notification No. FEMA. 395/2019-RB dated 17.10.2019

Export Credit of US$800 mn to Maldives for Development Projects


Commercial Paper Included in Company Deposit Definition


Export Credit of $38 mn to Mozambique for Construction of 1600 Borewells with Hand Pumps and 8 Small Water Systems


ECB for Working Capital Allowed with Condition of 10 years and above

·   NBFCs also Allowed to Borrow

·   Seven Year Maturity Window also Open for Capex


Export Credit of $10mn to Seychelles for Procurement of Goods and Projects


Foreign Liabilities and Assets Reporting Annual Return Revised

RBI/2018-19/226 - A.P. (DIR Series) Circular No. 37 dated June 28, 2019

Export Credit of US$95mn to Mozambique for Railway Rolling Stock including Locomotives, Coaches and Wagons


Export Credit of US$150mn to Ghana for Financing Strengthening of Agriculture Mechanization Services Centers in Ghana


New Window under VRR (Voluntary Retention Route) Allowed to FPI Debt Investors


FPI Investment in Municipal Bonds Permitted


Opening of Foreign Currency Accounts by Re-insurance and Composite Insurance Brokers

29-RBI Circular/11.04.2019

Special Non-Resident Rupee (SNRR) Account for Hindus from Bangladesh and Pakistan in India on Long Term Visa


RBI Relaxes Account Opening for BO/LO/PO in India in Defense, Telecom, I&B and Security, Govt Approval Enough


Follow Master Circulars on Forex Lending Borrowings, Guarantees and Forex Dealings, Says RBI

RBI/FED/2018-19/67 - FED Master Direction No.5/2018-19 dated March 26, 2019

FPI Investment in G-secs Limits Revised for 2019-20


Form A2 of FETERS Revised for Import of Services

·   Additional Field for Capturing Country Code of Ultimate Exporter/Importer in BoP File Format under FETERS Incorporated


RBI Allows Export of 200 and 500 Rupee Currency Notes also subject to 25K Limit to Nepal and Bhutan


Trade Credit under Auto Route Allowed, RBI Amends Policy


Hedging of Exchange Rate Risk by Foreign Portfolio Investors (FPIs) under Voluntary Retention Route - Guidelines


Voluntary Retention Route (VRR) for FPI Investments Scheme Released


No Merging of FCRA Cases with RBI Branch Office Applications

·    Declarations in BO Regulations Inserted


200 Rupee Note also Allowed upto 25K Limit for Carry by Passenger Traveling to Nepal/Bhutan

Notification No. FEMA 6(R)/(1)/2019-RB dated February 26, 2019

Limit of 20% for Single Corporate in FPI Debt Portfolio Withdrawn


ECB Facility for Resolution Applicants under Corporate Insolvency Resolution Process


New ECB Norms Lift Sector-wise Limits

·   $750mn per year under Auto Route

·   New Window for Oil Companies of $10bn under Auto Route

·   Micro Finance, Ports, SIDBI/Exim Bank Allow ECB


RBI Allows One-Time Restructuring of Existing Loans to MSMEs to Avoid NPA Labelling

RBI/2018-19/100 - DBR.No.BP.BC.18/21.04.048/2018-19 dated January 1, 2019

Export Credit of $500mn to Tanzania for Financing Water Supply Schemes


Infrastructure Companies Mandatory Hedge Coverage Reduced to 70% from 100%


Export Credit of $3.5mn Released for Financing and Servicing of Three Chetak Helicopters to Suriname


Export Credit of $27.5mn to Suriname for Up-gradation of Transmission Network Infrastructure


Export Credit of $2.5mn for Financing Unfinished Fertilizer Plant Project to Madagascar


Compulsory Hedging Period for ECB Cut to 3 Years for Infra

·   Average for ECB Maturity Now 5 Years for Exemption of Hedging

RBI Circular No. 11 dated 6th November 2018

RBI Permits Public Sector Oil Marketing Companies (OMCs) to Raise ECB for Working Capital with Minimum Average Maturity period of 3/5 years from all Recognized Lenders under Automatic Route

·    Individual Limit of USD 750 million or Equivalent and Mandatory Hedging Requirements as per the ECB framework

·    Overall Ceiling for such ECBs shall be USD 10 billion Equivalent and the said Facility will come into effect from the date of this Circular

A.P. (DIR Series) Circular No.10 dated October 3, 2018

Manufacturers Allowed Raise ECB for One Year with $50mn Limit


Export Credit of US$18 mn to Zambia for Establishment of Pre- fabricated Health Posts

A.P. (DIR Series) Circular No. 4 dated July 12, 2018

Export Credit of USD 17.50 mn to Guyana for Up-gradation of Three Hospitals

A.P. (DIR Series) Circular No. 3 dated July 12, 2018

Export Credit of US$36.92mn to Cambodia for Financing the Stung Sva Hab/Slab Water Resource Development Project

A.P. (DIR Series) Circular No.2 dated July 12, 2018

Export Credit of 45.27mn to Sri Lanka for Rehabilitation of Kankesanthurai Harbour

A.P. (DIR Series) Circular No.1 dated July 12, 2018

PAN Mandatory for All Remittances under Liberalised Remittance Scheme


Security Transfer by FPI

A.P. (DIR Series) Circular No. 31 dated June 15, 2018

Draft Single Master Form for FII Reporting Released

·    Violations of Reporting will be Treated as FEMA Offences


RBI Tightens FDI Reporting

·    ECB-2 Return Amended for Monthly Returning on ECB Hedge Costs in Exposures


Banks to give Remittance Detail to DRI, Non Compliance to Attract Penalty


Monitoring of Foreign Investment Limits in Listed Indian Companies


Foreign Portfolio Investment in Debt Reviewed


ECB Liberalised

·         450 Basis Point above LIBOR Allowed

·         Liability to Equity Rates Raised to 7:1

·         Standard Negative List for All Categories with Bar on Real Estate, Equity Market and Working Capital

25-RBI Circular/27.04.2018

Foreign Portfolio Investment Liberalised

·         No Minimum Maturity for G-Secs Investment

·         Corporate Bonds Limit Set at 50% in Portfolio

24-RBI Circular/27.04.2018

Daily Reporting to RBI of Individual Remittances Compulsory

·    Info to be Accessible to All Authorized Dealers


Foreign Portfolio Investment Limits in Govt Securities Raised by 0.5% each year


FEMA Transfer of Security by Non Residents Regulations Amended to Allow NRIs to Invest in Air Transport Service in Air India

Notification No. FEMA.20(R)(1)/2018-RB dated 26th March 2018

Export Credit to US$4.50bn to Bangladesh for Infrastructure Development Projects

RBI Circular No. 21 dated 5th April 2018

RBI Notifies Foreign Exchange Management (Cross Border Merger) Regulations, 2018

·         Definitions

·         Inbound merger

·         Outbound merger

·         Valuation

·         Miscellaneous

·         Reporting

·         Deemed approval

Notification No. FEMA.389/2018-RB Dated March 20, 2018

Reserve Bank Bans LoUs and LoCs for Imports

·    DGFT Does Likewise for Export LCs!


New Directions for Hedging of Commodity Price Risk and Freight Risk in Overseas Markets (Reserve Bank) 2018 to Replace Old Rules from 1 April, 2018


RBI Permits the Overseas Branches/Subsidiaries of Indian Banks to Refinance ECBs of Highly Rated Corporates and Navratna/ Maharatna PSUs

·    Outstanding Maturity of the Original Borrowing is not Reduced

·    All-in-Cost of Fresh ECB is Lower than the Existing ECB


FPI Investment in Govt Securities


LoC of $81mn to Rwanda Released


LoC for $500mn to Mauritius Releases


RBI Issues “Simplified Hedging Facility” Guidelines


Export Credit of $1bn to Mongolia for Development of Railways and Infrastructure Projects


Export Credit of $318mn to Sri Lanka for Rolling Stock and Upgrading Railway Track


Revised Guidelines for NRs to Hedge in INR Exposures in India


FPI Investment Limits in Government Securities Raised for the Next Quarter Oct-Dec 2017


Rupee Bonds Excluded from FPI Limits


Masala Bonds Removed from FPI, Now Covered in ECB


Banks Directed to Generate Export BRC only from Export Database from 16 Oct 2017


Minimum Maturity Period for Masala Bonds Raised upto $50mn for 3 Years


Export Credit of $4mn to Guyana for Procurement of High Capacity Fixed and Mobile Drainage Pumps


Export Credit of $52.30mn to Mauritius for Project Trident


Export Credit of $31.29mn to Nicaragua for Financing Transmission Lines and Substation Project


Limits for Investment by Foreign Portfolio Investors in Govt Securities Increased by Rs. 110bn


Exchanges Facility for Foreign Passport Holders Restored to Status quo Ante


Guidelines for Hedging Currency Transactions for Indian Subsidiaries of MNCs


$92.18mn Export Credit to Tanzania for Rehabilitation and Improvement of Water Supply System


Export Credit of $750mn to Nepal for Financing Post-earthquake Reconstruction Project


Gold Monetisation Scheme Transactions

RBI/2016-17/243 dated 6th March 2017

Infrastructure Lending Definition

RBI/2016-17/242 – DNBR.PD.CC.No.085/ 03.10.001/2016-17 dated 02.03.2017

Export Credit of $78mn to Sierra Leone for Transmission Line and Substation Project

RBI Circular No. 36 dated 2nd March 2017

$26mn to Senegal for Acquisition of Buses

RBI Circular No. 35 dated 2nd March 2017

$23.50mn Export Credit to Malawi for Construction of Water Supply System from Likhubula River to Blantyre

RBI Circular No. 34 dated 2nd March 2017

Export Credit of $15mn to Kenya for Development of SMEs

RBI Circular No. 33 dated 2nd March 2017

Export Credit of $29.95mn to Kenya for Financing Upgradation of Rift Valley Textiles Factory

RBI Circular No. 32 dated 2nd March 2017

Guidelines for Money Transfer Services Scheme (MTSS)

RBI/FED/2016-17/52 – FED Master Direction No. 01/2016-17 dated 22nd February 2017

Regional Financial Institutions can Invest in Rupee Denominated Bonds as Investors

RBI Circular No. 31 dated 16th February 2017

SBN to be Treated as “Soiled Currency” in RBI Calculations

RBI/2016-17/226 – DCM(Plg) No. 3217/10.27.00/2016-17 dated 13th February 2017

NRIs can Access the Exchange Traded Currency Derivatives (ETCD) Market to Currency Hedge under FEMA


RBI Regional Officers to Compound FEMA Offences Delay in Filing Returns Cases


RBI Prohibits Indian from Direct Investment in Non Cooperative Countries Identified by FATF

·    Investors must be Allowed to take their Non Risks in Third World Countries


Cash Withdrawal Limit Enhanced

·     Rs. 1 Lakh per Week from Current Account

·    Rs. 10,000 per Day from ATM

RBI/2016-17/213 – DCM(Plg) No. 2559/10.27.00/2016-17 dated 16th January 2017

Submission of Bill of Entry as Hardcopy of Evidence of Import Discontinued from 1 Dec 2016 Due to EDI IDPMS in Operation


Export Credit of $0.17mn to Burundi for Integrated Food Processing Complex


Export Credit of US$4.22mn to Burundi for Farm Mechanization Finance


Old Notes (Rs. 5000 per Week) Exchange Facility for Foreign Passport Holders Extended Till 31 Jan 2017


60 Days Grace Period for Farmers whose Crop Loan Due between 1 Nov and 31 Dec 2016

RBI/2016-17/194 - FIDD.No.FSD.BC. 19/05.04.02/2016-17 dated 26th December 2016

RBI Allows Purchase and Sale of Shares and Debentures of Indian Company by a Person Resident Outside India


Government Withdraws Rs. 5000 Limit on SBN for KYC Compliant Accounts

·    Move to Pipe Deposits towards PM Garib Kalyan Scheme

RBI/2016-17/191 – DCM (Plg) No. 1911/ 10.27.00/2016-17 dated 21st Dec 2016

All SBNs (Old 500 and 1000 Notes) Beyond 5K Deposited till 30 Dec to Face Questioning

·    Move to Pipe Deposits towards PM Garib Kalyan Scheme

RBI/2016-17/189 – DCM (Plg) No. 1859/10.27.00/2016-17 dated 19th Dec 2016

No Transaction Charge for IMPS, *99# and UPI upto 1K for Three Months

RBI/2016-17/185 – DPSS CO.PD.No.1516/02.12.004/2016-17 dated 16th Dec 2016

All Foreign Passport Holders can Change Rs. 5000 per Week till 31 Dec 2016

·    Old Notes Exchange Facility Extended to 31 Dec from 15 Dec


RBI Notifies Pradhan Mantri Garib Kalyan Deposit Scheme (PMGKDS) 2016

RBI Press Release 2016-2017/1555 dated 16th December 2016

Guidelines to Pradhan Mantri Garib Kalyan Deposit Scheme, 2016

RBI/2016-17/188-IDMD.CDD.No. 1454/14.04.050/2016-17 dated 16th Dec 2016

Electronic Payment Fee Cut to 0.5% and below for Transactions upto Rs. 2000

·    Measure Temporary upto 31 March

RBI/2016-17/184 – DPSS.CO.PD.No.1515/02.14.003/2016-17 dated 16th Dec 2016

RBI Tightens KYC, PAN or Form 60 must for All Accounts including NBFC

RBI/2016-17/183 – DPSS.CO.PD.No.1515/02.14.003/2016-17 dated 16th Dec 2016

Issuance of Rs. 500 Bank Notes without Inset Letter, in the Mahatma Gandhi (New Series)

Press Release 2016-2017/1461 dated 8th December 2016

Activity at Banks during 10 November to 7 December 2016

Press Release 2016-2017/1460 dated 8th December 2016

GoI Supported LOC of USD35mn to Guinea for Construction and Up gradation of Regional Hospitals


Reserve Bank Withdraws 100% Hike in CRR, Issues 6 lakh crore MSS Security to Mop up Liquidity

·    Bank Rate (Reverse Repo Rate) to Continue at 6.25%

·    Note Ban Introduces Uncertainty in Economy

·    Subject: RBI Withdraws the Incremental CRR

RBI Press Release/07.12.2016

Urjit Notes without Inset Letter in Rs. 50 Series Soon

·    Raghu Notes of Rs. 50 without Inset Letter and Raised Printing under Issue

RBI Press Release No. 2016-2017/1403 dated 4th December 2016

New 20 Rupee Urjit Notes with Inset Letter

·    Rs. 20 Raghu Notes Soon without Intaglio Printing

RBI Press Release No. 2016-2017/1402 dated 4th December 2016

35 Day Treasury Bills for Rs. 60k crores on Auction

RBI Press Release No. 2016-2017/1408 dated 5th December 2016

RBI Asks Local Currency Chests to give Notes to All Banks and not their own Branches

RBI/2016-17/169 - DCM (Plg) No. 1508/10.27.00/2016-17 dated 2nd December 2016

All Foreign Passport Holders now can Change Rs. 5000 per week till 15 Dec 2016

·    Earlier Facility Limited only to Travellers


No Withdrawal Limits on Currency Deposits other than SBNs

RBI/2016-17/163  - DCM.No.1437/10.27.00/2016-17 dated 28th November 2016

PMJDY (Pradhan Mantri Jan Dhan Yojana) Withdrawal Limits Rs. 10,000 per Months

RBI/2016-17/165 DCM (Plg) No. 1450/10.27.00/2016-17 dated 29 November 2016

Rs. 8.45 Lakh Crores in SBNs Deposited with Banks

·    Withdrawals only Rs. 2.16 Lakh Cores

RBI Press Release dated 28th November 2016

Regional Offices of RBI to give Approval for Local Currency Chests

RBI/2016-17/162 - DCM (Plg) No.1438/10.27.00/2016-17 dated 28th November 2016

SBNs of 500 and 1000 Rupee Notes are “Soiled Currencies”, No Reckoning of these

RBI/2016-17/164 DCM (Plg) No. 1459/10.27.00/2016-17 dated 29th November 2016

Currency Chests to be Set Up at District Levels

RBI/2016-17/160 DCM (Plg) No.1430/10.27.00/2016-17 dated 27th November 2016

Incremental CRR Rises to 100% to Mop up Demonetisation Liquidity with Banks

·    Review on 9 Dec or Earlier

RBI Press Release dated 26th November 2016

RBI Window for Note Exchange without Account to Continue with 2000 Rupee Limit

RBI Press Release dated 25th November 2016

RBI Vaults can be used for Note Storage

RBI/2016-17/153 DCM (Plg) No.1383/10.27.00/2016-17 dated 24th November 2016

Pensioners and Army to Get Priority in Cash

RBI/2016-17/154 DCM (Plg) No.1384/10.27.00/2016-17 dated 24th November 2016

No More Note Exchange at Bank Counters

RBI/2016-17/155 DCM (Plg) No.1391/10.27.00/2016-17 dated 24th November 2016

RBI says that Using Old 500 Notes in “Unauthorised” Manner Illegal

RBI Press Release/22.11.2016

RBI Liberalises Secondary Money Markets – Rs.20,000 of Promissory Notes (Prepaid Payment Instruments) Allowed during Demonetisation Period of 21 Nov to 30 Dec

RBI Press Release/22.11.2016

Small Borrowers Allowed 60 more Days to Pay Up

· More Breaching space to NBFCs before Debts Turn NPAs

RBI/2016-17/143 - DBR.No.BP.BC.37/ 21.04.048/ 2016-17 dated November 21, 2016

Wedding Withdrawals upto 250K Allowed

· Payments for Wedding Expenses to Only those who do not have Bank Accounts!

RBI/2016-17/145 – DCM (Plg).No.1320/10.27.00/2016-17 dated November 21, 2016

Bank Withdrawal Limits from RBI

· Rs. 25K per Week for Farmers

RBI/2016-17/146 - DCM (Plg) No.1323/10.27.00/2016-17 dated November 21, 2016

Bank Withdrawal Limits – Some Questions and answers from RBI

ABS News Service/24.11.2016

Investment by Foreign Portfolio Investors (FPI) in Corporate Debt Securities


Foreign Exchange Management (Insurance) Regulations, 2015


RBI Clarifications on Hedging in ECB Framework


ECB Allowed to Recognised Startups, Maturity period more than Three Years, Amount Limited to $3mn


Rupee Value under Indo-USSR Deferred Payment Protocols Revised to Rs. 81.0297640 from 20 Oct 2016


Green Signal to Interest Rate Futures from RBI

RBI/2016-17/104 – FMRD.DIRD.10/14.03.01/2016-17 dated 28th October 2016

FPIs Trading in Government Securities

RBI/2016-17/86 - FMRD.DIRD.08/14.03.007/ 2016-17 dated 20th October 2016

Gilt Account Holders for Online Trading

RBI/2016-17/87 - FMRD.DIRD.07/14.03.007/ 2016-17 dated 20th October 2016

Synopsis of Regulations for Receipts of Payments for Export and Import According to Countries and Special Sectors


Banks Delegated Power to Approve Unpaid ECB Repayment Schedule and Conversion to Equity


Rupee Trade should not Exceed Rs. 15 Lakhs per Transaction under RDA System


RBI Permits 100% FDI in other Financial Services in Auto Route


No RBI Approval to Foreign Venture Capital Investors in 10 Sectors


Sectoral Caps in Foreign Investments


Import Data Processing and Monitoring System (IDPMS) Online from 10 Oct 2016

·    IDPMS from Reporting and Monitoring of Import Transactions


Export Credit of US$87mn to Zimbabwe for Renovation of Bulawayo Thermal Power Plant


India Gives $86.31mn Line of Credit to Myanmar


RBI Discontinues Submission of Bank Guarantee Reports for Service Imports with Immediate Effect


ACU Euro Transactions Suspended Temporarily – Pending Review


Only High Value ECB Cases with Empowered Committee in RBI


Rupee Value under Indo-USSR Deferred Payment Protocols Revised to Rs. 83.5796140 from 23 June 2016


European Option Contracts Allowed to Exporters and Importers


Start Ups get Indian Facilities in Outside India Accounts


India Gives $2bn to Bangladesh for Power, Transport, ICT and Health


Startups Allowed to Open Forex Account Outside India

RBI Notification No. FEMA 10(R)/(1)/2016-RB dated 1st June 2016

Line of Credit US$24mn to Cote d’Ivoire


EDPMS Integrates Export Monitoring for Payment Realization


FEMA Compounding of Offences Cases to Uploaded on the Net Every Month


ACU Minimum Scaled Down to $500


Rupee Drawing Arrangement through XBRL System (Email)


Money Transfer Agents to Report Online in XBRL System


RBI Guidelines for Branch Office of Foreign Entities


New Regulations an Exports of Goods and Services under FEMA


New Forex Deposit Regulations 2016 for NRI and PIOs Notified


RBI Streamlines Remittance Arrangement under Speed Remittance Procedure


RBI to Start Monitoring of All Import Payments Soon through Banks

·  Working Group to Devise Electronic System with Customs Set Up

·  Bill of Entry to Contain Bank Code

·  Foreign Exchange Outgo will Go Up from India

·  Move to Curb Black Money


Updated Remittance Rules for Assets Notified

·  Permission Required in All Cases

·  Limit of $1mn for NRI Remittances, Foreign National Employed in India


Road Cleared for Foreign Investments in All Types of Real Estates in SEBI Registered Investment Vehicles including Farm Houses


RBI Issues Modified Overseas Direct Investment (ODI) Reporting Forms


Online Submission of Annual Performance Report of ODI Forms by AD Banks


Rupee Bonds Maturity Cut to 3 Years


No RBI Approval Required for Company Deposits in India by Non Resident


Foreign Exchange Management (Deposit) Regulations, 2016

·  Deposit Regulations between Residents and NRI

Notification No. FEMA 5(R)/2016-RB dated 1st April 2016

RBI Issues New Forex Management (Remittance of Assets) Regulations, 2016

Notification No. FEMA 13 (R)/2016-RB dated 1st April 2016

RBI Rules for Branch Office of Non Residents in India

Notification No. FEMA 22(R)/RB-2016 dated 31st March 2016

RBI Enhances the Limit of Foreign Investment in Insurance Sector to 49% from 26%


Trade Credit of Diamond LCs Permitted for 180 Days from the Date of Shipment – Power Delegated to AD Banks


Infrastructure NBFCs, Corporates Allowed ECB


Investment Limits for Foreign Portfolio Investors (FPI) for the Next 6 Months in Two Tranches Specified

·  Rs. 105bn from 4 April 2016

·  Rs. 100bn from 5 July 2016

·  Limits for State Development Loans (SDL) also Increased to Rs. 35bn


Banks must Submit Diamond Dollar Account (DDA) Details to RBI on Quarterly Basis


RBI Grants Export Declaration Form (EDF) Waiver for Export of Goods Free of Cost to Export Houses


Regulatory Relaxation for Startups on Sweat Equity


RBI Clarifies Payment System for Start-ups with Foreign Subsidiary


Guidelines for Submission of Data under R-Returns (FETERS) Modified

·      Liberalised Remittance Scheme in FETERS


Forex Purchase from Post Offices Allowed


Debit Cards, ATM Cards or Any other Instrument used to Create a Financial Liability Defined as “Currency”


New Rules for Retention of Forex – $2000 in Cash Allowed


Forex Realization, Repatriation and Surrender Rules Notified


New Currency Export and Import Rules Notified


RBI Notifies Revised ‘Foreign Currency Account’ Regulations


Transfer of Immovable Property Outside India by Resident Indians, New Rules Notified


RBI Liberalises Procedure for Settlement of Export Import Transactions in Currencies not having a Direct Exchange Rate


Rupee Value under Indo-USSR Deferred Payment Protocols Revises to Rs. 80.9604520 from 25 Jan 2016


RBI Asks Banks to File FDI Transactions Online from 8 Feb 2016


RBI Issues Revised Memo on Project Exports after Disbandment of Working Group Approval Procedure


Export Credit of $109.942mn to Congo for Financing Power Project


Export Credit of US$34.50mn to Congo for Development of Power Distribution Project


Export Credit of $5.38mn to Fiji for Financing Upgradation of Sugar Industry


Guidelines for Cross Currency Futures and Exchange Traded Options Contracts


Export Credit of $55mn to Congo for Setting up of Greenfield 600 TDP Rotary Kiln Cement Plant Project


Export Credit of $268.35mn to Tanzania for Lake Victoria Pipeline to Tabora, Igunga and Nzega


Amendments to FEMA (Manner of Receipt and Payment) Regulations

RBI Notification No. FEMA.357/2015-RB dated 7th December 2015

New Liberalised ECB Policy Released


RBI Permits Foreign Portfolio Investors to Acquire NCDs/Bonds under Default


Civil Aviation Approval for Aircraft upto $50mn not Required


Re-export Bill of Entry and Courier Bill of Entry Equivalent of Exchange Control Copy as Evidence of Import


Amendments in FEMA – Real Estate “Investment Vehicles” Recognized in Security Transfer Rules

Notification No. FEMA. 355/2015-RB dated November 16, 2015 and Notification No. FEMA. 345/2015-RB dated November 16, 2015

RBI Relaxes Facilities to Residents for Hedging of Foreign Currency Borrowings


RBI Extends Bulk or Single Sheet SOFTEX Reporting to All Software Exporters


Indo-Myanmar Trade Switches to Normal Trade from Barter Trade with any Permitted Currency or ACU from 1 Dec 2015


Rupee Value under Indo-USSR Deferred Payment Protocols Revised to Rs. 78.1657270 w.e.f. 28 Oct 2015


NRIs can Subscribe National Pension System as an Investment under FEMA


No More Law Firms of Foreign Origin in India, Orders Supreme Court


Annual Return on Foreign Liabilities and Assets by LLPs – 21 Digit CIN


ACU in Trade Restored after Iran Joins Mainstream, Rupee Trade thru ACU Returns


RBI Allows FCY-INR Options Forward Contract by Resident Individuals upto $1mn on the basis of a Simple Declaration


Foreign Portfolio Investors (FPI) Limit in Govt Securities Enhanced


FEMA Proceeding will be Dropped in Black Money Declaration Cases

Assets Abroad can be Retained Subject to RBI Approval


RBI Seeks Views on Merging ECB in General Bank Capital Policy Frame

RBI Press Release dated 23rd September 2015

Rupee Denominated Bonds upto $750mn Issue Outside India Recognised in ECB


Online Payment Allowed for Imports upto $2k ($10k for Exports)


Foreign Accounts of Ship/Airline Manning Agencies


Export Credit of $26.24mn to Nicaragua for Building of Carlos Fonseca Substation


RBI Allows Suppliers Credit for Capital Goods Import upto 5 Years, 3 Years for Raw Material


RBI Simplifies Guidelines for Opening New Branches by Money Changers


EEFC Statements to RBI from ADs Dropped


Rupee Value under Indo-USSR Deferred Payment Protocols Revised to Rs. 81.3268160 w.e.f. 27 Aug 2015


e-Biz Platform for Filing Foreign Currency Transfer of Shares (FCTRS) Returns under FDI Scheme


Export Credit of $6.20mn to Myanma Foreign Trade Bank


Export Credit of $18.08mn to Chad for Financing Veterinary Pharmaceutical manufacturing Plant

A.P. (DIR Series) Circular No.7 dated 6 August 2015

RBI Says No to FPI Investment in Short Term Security Deposits of <3 years


Export Factoring Services with Recourse Basis Allowed


5% Cap on Employees Stock Options to Non Residents Removed, FDI Policy to Provide Caps Norms


FDI Prohibitions Applies only to Manufacturing Tobacco Products and not Wholesale Cash and Carry, Retail Trading which is Covered by Respective Sectoral Policy


Export Declaration Form Formality not Required for Re-export of Unsold Rough Diamonds from Special Notified Zone without Entering DTA


Banks Allowed to Borrow FC from International Institutions for General Banking Business without RBI Ok


Export Credit of $100mn to Vietnam for Financing Supply of High Speed Patrol Vessel


RBI Issues Format for eXtensible Business Reporting Language (XBRL) System to Replace Manual BEF


Working Capital for Civil Aviation Sector will Continue Till 31 March 2016 under ECB


ECB for Low Cost Affordable Housing Projects


RBI Permits NRIs to Subscribe Chit Funds without Limit under Chit Fund Act


Investment Remittance Ceiling Raised to $250,000 from $125,000

RBI Notifies New Guidelines under LRS


Rupee Value under Indo-USSR Deferred Payment Protocols Revised to Rs. 77.6331180 w.e.f. 6 May 2015


Export Credit of US$100mn to Mali for Financing Power Transmission Project


Rupee Swap with Overseas Bank Permitted in ECB


Rupee Transaction Limit in Vostro Account of Exchange House Raised to Rs. 15 Lakh


SDF Declaration Not Required under Shipping Bill (Electronic Declaration) Regulations, 2011


Export Credit of US$1bn to Nepal for Infrastructure Development Projects


Rupee Value under Indo-USSR Deferred Payment Protocol Revised to Rs. 88.3042 w.e.f. 30 April 2015


Account Holder Not Required for Closure of FCNR(B) Deposits

Form A2 is only for Buying Forex and Not for Remittance of Forex


Merchanting Trade Movement thru Indian to Nepal and Bhutan Allowed


Rupee Value under Indo-USSR Deferred Payment Protocols Revised to Rs. 85.4813 w.e.f. 16 April 2015


Banks Must Pay Rs. 9,654 for Virtual Private Network (VPN) Accounts in e-Biz Portal to National Informatics Centre Services Inc. (NICSI)


49% FDI in Insurance Sector Permitted

A. P. (DIR Series) Circular No.94 dated 8 April, 2015

RBI Withdraws Project Export Limit of US$20mn for Buyer’s Credit on Deferred Payment Terms and Turn Key Projects from India


Foreign Exchange Management (International Financial Services Centre) Regulations 2015

Regulations and Guidelines on IFSC


Foreign Portfolio Investors (FPIs) Limit Increased to US$15mn per Exchange in ETCD Market


Revised Guidelines to Participation of Residents in the Exchange Traded Currency Derivatives (ETCD) Market


Export Credit of US$198.96mn to Myanmar for Financing Irrigation Projects


Stat 5 and Stat 8 Returns to Discontinue from March 2015


Macau and Hong Kong Citizens Banned from Acquiring Property in India


Export Credit of US$34.54mn to Niger for Setting up of Solar Electrification and Solar Photovoltaic System


Ceiling on Libor Import Credits for Infrastructure to Continue Till 31 March 2015


Libor Plus Ceiling at 350bps for ECB to Continue Till 31 March 2015


Guidelines on Gold Import

·   Star Trading Houses can Import Gold on DP Basis with Free Sale to all Persons

·   Banks Allowed to Import on Consignment

·   Gold Accepted as Collateral Basis

·   Gold Coins Import Allowed but No Retail Sale by Banks


Fresh FCY-INR Swaps Allowed after Expiry of Cancelled Swaps


FDI Reporting on e-Biz Platform


A-1 Form for Import Payments Dispensed, Remittances Allowed Freely Subject to Routine Checks


Export Credit of US$22.50mn to Gambia for Electrification Expansion Project


Advance Payment against Export Orders under RBI Scan


FPI in Commercial Paper not Required


Investment in Govt Securities by FPIs Permitted


FII by Foreign Portfolio Investors – Minimum Residual Maturity of Three Years in Debt Market Required


100% FDI in Automatic Route Medical Devices Permitted for Brownfield Cases also

Special Carve out in Pharma Policy Introduced


Export Credit of US$62.95mn to Senegal


Money Laundering Update


Cross Border Inward Remittance under Money Transfer Services Scheme (MTSS)


Export Credit of US$100mn to Nigeria for Three Power Sector Projects


Export Credit of US$22.50mn to Gambia


ECB Amendment Powers Delegated to Banks


Nepal Travellers Allowed to Carry Rs. 25K of High Denomination Currency of 500 and 1000 Notes


Remittance of Salary Allowed to Group Co in India