Regulatory Alerts2026-06-24
Added · Updated
Modification of Returns and Reporting Requirements under FEMA 1999
The Reserve Bank of India rationalizes reporting formats for Authorised Persons under the Foreign Exchange Management (Authorised Persons) Regulations, 2026, replacing prescribed registers FLM-1 to FLM-7 with revised formats detailed in the circular's annex. The requirement for prior Reserve Bank approval for writing off foreign currency notes exceeding USD 2000 is discontinued, and entities using FETERS for Nostro accounts are exempt from submitting FLM-8 returns. Several returns and requirements, including quarterly statements on foreign currency accounts and MTSS collateral statements, are discontinued, while Authorised Persons with franchisee arrangements and Indian Agents under MTSS must submit specific lists within 15 days of each calendar quarter's end.
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