The Reserve Bank of India has updated the reporting requirements for External Commercial Borrowings (ECB) under the Foreign Exchange Management Act, 1999 by replacing the prescribed ECB return formats in its Master Direction to align reporting with the revised ECB Framework. Part V Annex I and Part V Annex II of the Master Direction – Reporting under Foreign Exchange Management Act, 1999 are substituted with new formats set out in Annex I (Form ECB 1 and Revised Form ECB 1) and Annex II (Form ECB 2) to the circular. The change follows the Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations, 2026 dated February 09, 2026 (published February 16, 2026); Authorised Persons are asked to bring the revised reporting formats to the attention of relevant customers, and the directions are issued under sections 10(4), 11(1) and 11(2) of FEMA, without prejudice to any other permissions or approvals that may be required.
Reserve Bank of India 2026-02-18
Reserve Bank of India revises External Commercial Borrowing reporting formats under FEMA with immediate effect
The Reserve Bank of India has revised reporting requirements for External Commercial Borrowings (ECB) under the Foreign Exchange Management Act, 1999, updating the ECB return formats in its Master Direction to align with the revised ECB Framework. New formats are provided in Annex I (Form ECB 1 and Revised Form ECB 1) and Annex II (Form ECB 2) following the Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations, 2026. Authorised Persons must inform customers of these changes.