RegAlertRule · RBI · 8 Sep 2026
Withdrawal of Seven Circulars under FEMA, 1999
Seven circulars issued under the Foreign Exchange Management Act, 1999 (FEMA) are withdrawn because they have ceased to be operative due to subsequent regulatory amendments, redundancy, overlap, or supersession by newer directives. The withdrawn circulars cover topics including External Commercial Borrowings (ECB) policy, borrowing and lending in Rupees, and the Money Transfer Service Scheme. Authorised Persons are directed to bring the contents of this withdrawal to the notice of their constituents concerned.
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( 288 kb ) Review of Circulars issued under Foreign Exchange Management Act, 1999 (FEMA)
RBI/2026-27/254 A.P. (DIR Series) Circular No. 21
September 08, 2026
To
All Authorised Persons
Madam / Sir,
Review of Circulars issued under Foreign Exchange Management Act, 1999 (FEMA)
In pursuance of the Reserve Bank’s 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.
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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operative owing to subsequent regulatory amendments, redundancy, overlap or supersession by newer directives, are being withdrawn.
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Authorised Persons may bring the contents of this circular to the notice of their constituents concerned.
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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.
Yours faithfully,
(Dr. Aditya Gaiha) Chief General Manager-in-Charge
Annex
List of A.P. (DIR Series) Circulars superseded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
External Commercial Borrowings (ECB) in Indian Rupees
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
Money Transfer Service Scheme - List of Sub Agents
49
07.11.2012
7
External Commercial Borrowings Policy – ECB by Small Industries Development Bank of India
48
06.11.2012
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The links and the sentences they come from (7)
- Supersedes
- DIR Circular No. 119 dated 2013-06-26Not in RegAlert
“External Commercial Borrowings (ECB) Policy – Import of Services, Technical know-how and License Fees”
- DIR Circular No. 17 dated 2015-09-29Not in RegAlert
“External Commercial Borrowings (ECB) Policy - Issuance of Rupee denominated bonds overseas”
- DIR Circular No. 25 dated 2014-09-03Not in RegAlert
“External Commercial Borrowings (ECB) in Indian Rupees”
- DIR Circular No. 48 dated 2012-11-06Not in RegAlert
“External Commercial Borrowings Policy – ECB by Small Industries Development Bank of India”
- DIR Circular No. 49 dated 2012-11-07Not in RegAlert
“Money Transfer Service Scheme - List of Sub Agents”
- DIR Circular No. 81 dated 2013-12-24Not in RegAlert
“Borrowing and Lending in Rupees - Investments by persons resident outside India in the tax free, secured, redeemable, non-convertible bonds”
+1 more
- DIR Circular No. 85 dated 2014-01-06Not in RegAlert
“External Commercial Borrowings (ECB) Policy – Liberalisation of definition of Infrastructure Sector”
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