The Reserve Bank of India has withdrawn seven circulars issued under the Foreign Exchange Management Act, 1999 that had ceased to operate because of regulatory amendments, redundancy, overlap or supersession by newer directives. The action forms part of its comprehensive review of circulars issued since June 1, 2000. Five of the withdrawn circulars concern external commercial borrowing policy, including rupee denominated borrowing and bonds, infrastructure, service imports and borrowing by the Small Industries Development Bank of India. The other two address nonresident investment in certain rupee bonds and subagent lists under the Money Transfer Service Scheme. Authorised Persons should notify affected constituents.
2026-09-08Reserve Bank of India
Reserve Bank of India withdraws seven obsolete foreign exchange circulars
The Reserve Bank of India has withdrawn seven inoperative foreign exchange circulars as part of its review of directives issued since June 1, 2000. The circulars mainly concern external commercial borrowing, with others covering nonresident bond investments and money transfer subagents.