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Laws of India

RBI Master Directions - Foreign Exchange Management (listing page, not a legal document)

Text as of 2026-09-28

Public law and official guidance, published as research. Not legal, tax or financial advice.

About this law

Kind
Other
Issued by
Reserve Bank of India
Country
India

Where to read it

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The law's own text, section by section, as held. Each section has its own link.

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The Master Directions consolidate instructions on rules and regulations framed by the Reserve Bank under various Acts including banking issues and foreign exchange transactions. The process of issuing Master Directions involves issuing one Master Direction for each subject matter covering all instructions on that subject. Any change in the rules, regulation or policy is communicated during the year by way of circulars/press releases. The Master Directions will be updated suitably and simultaneously whenever there is a change in the rules/regulations or there is a change in the policy. All the changes will get reflected in the Master Directions available on the RBI website along with the dates on which changes are made. Explanations of rules and regulations will be issued by way of Frequently Asked Questions (FAQs) after issue of the Master Directions in easy to understand language wherever necessary. The existing set of [Master Circulars](../scripts/BS_ViewMasterCirculardetails.aspx) issued on various subjects will stand withdrawn with the issue of the Master Direction on the subject. |

  3. **Foreign Exchange Management** </div> </div> </div> </div> **Apr 22, 2025** [](BS_ViewMasDirections.aspx?id=12839) [Master Directions - Compounding of Contraventions under FEMA, 1999, dated April 22, 2025 (<span style="color: red">Updated as on April 24, 2025</span>)](%20https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=12839&Mode=0%20) (Supersedes [Master Direction- Compounding of Contraventions under FEMA, 1999, (Updated as on May 24, 2022)](%20https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10190&fn=5&Mode=0%20)) [![PDF - Master Directions - Compounding of Contraventions under FEMA, 1999, dated April 22, 2025 (Updated as on April 24, 2025) (Supersedes Master Direction- Compounding of Contraventions under FEMA, 1999, (Updated as on May 24, 2022))](../Images/pdf.gif)](https://rbidocs.rbi.org.in/rdocs/notification/PDFs/135MD89B55F672F36443FA02C0C53DC207FFF.PDF) <span id="SPDF_135MD89B55F672F36443FA02C0C53DC207FFF" aria-hidden="true">300 kb</span> **Jul 24, 2024** [Master Direction - Overseas Investment (<span style="color: red">Updated as on April 01, 2026</span>)](BS_ViewMasDirections.aspx?id=12710) [![PDF - Master Direction - Overseas Investment (Updated as on April 01, 2026)](../Images/pdf.gif)](https://rbidocs.rbi.org.in/rdocs/notification/PDFs/121MDOI2507202427D16C96B42C4E0B849FFD9732752B68.PDF) <span id="SPDF_121MDOI2507202427D16C96B42C4E0B849FFD9732752B68" aria-hidden="true">358 kb</span> **Mar 26, 2019** [](BS_ViewMasDirections.aspx?id=11510) [Master Direction - External Commercial Borrowings, Trade Credits and Structured Obligations (Updated as on September 08, 2026)](https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=11510) (Supersedes [Master Direction - External Commercial Borrowings, Trade Credit, Borrowing and Lending in Foreign Currency by Authorised Dealers and Persons other than Authorised Dealers (Updated as on November 22, 2018))](https://rbi.org.in/Scripts/BS_ViewMasDirections.aspx?id=10204) [![PDF - Master Direction - External Commercial Borrowings, Trade Credits and Structured Obligations (Updated as on September 08, 2026) (Supersedes Master Direction - External Commercial Borrowings, Trade Credit, Borrowing and Lending in Foreign Currency by Authorised Dealers and Persons other than Authorised Dealers (Updated as on November 22, 2018))](../Images/pdf.gif)](https://rbidocs.rbi.org.in/rdocs/notification/PDFs/5MD2603201979CA1390E9E546869B2A9A92614DEDBF.PDF) <span id="SPDF_5MD2603201979CA1390E9E546869B2A9A92614DEDBF" aria-hidden="true">506 kb</span> **Jan 04, 2018** [Master Direction – Foreign Investment in India (<span style="color: red">Updated up to June 15, 2026</span>)](BS_ViewMasDirections.aspx?id=11200) [![PDF - Master Direction – Foreign Investment in India (Updated up to June 15, 2026)](../Images/pdf.gif)](https://rbidocs.rbi.org.in/rdocs/notification/PDFs/MD11_04012018B4D0DB4E6DA04CC4B7AF62AA03D902BE.PDF) <span id="SPDF_MD11_04012018B4D0DB4E6DA04CC4B7AF62AA03D902BE" aria-hidden="true">481 kb</span> **Feb 23, 2017** [Master Direction – Money Transfer Service Scheme (MTSS) (<span style="color: red">Updated as on November 28, 2025</span>)](BS_ViewMasDirections.aspx?id=10868) [![PDF - Master Direction – Money Transfer Service Scheme (MTSS) (Updated as on November 28, 2025)](../Images/pdf.gif)](https://rbidocs.rbi.org.in/rdocs/notification/PDFs/MD01220220176458378BB80A417592B7CE4DB57B123A.PDF) <span id="SPDF_MD01220220176458378BB80A417592B7CE4DB57B123A" aria-hidden="true">213 kb</span> **Nov 17, 2016** [Master Direction - Insurance (Updated as on December 07, 2021)](BS_ViewMasDirections.aspx?id=10738) [![PDF - Master Direction - Insurance (Updated as on December 07, 2021)](../Images/pdf.gif)](https://rbidocs.rbi.org.in/rdocs/notification/PDFs/05MD56DF4232873F466191DC23F39F1012DD.PDF) <span id="SPDF_05MD56DF4232873F466191DC23F39F1012DD" aria-hidden="true">146 kb</span> **Jan 04, 2016** [Master Direction - Establishment of Branch Office (BO)/ Liaison Office (LO)/ Project Office (PO) or any other place of business in India by foreign entities (Updated as on May 18, 2021)](BS_ViewMasDirections.aspx?id=10404)

  4. [![PDF - Master Direction - Establishment of Branch Office (BO)/ Liaison Office (LO)/ Project Office (PO) or any other place of business in India by foreign entities (Updated as on May 18, 2021)](../Images/pdf.gif)](https://rbidocs.rbi.org.in/rdocs/notification/PDFs/06MDE170516F633150EBCFE438084174F7DECCDC20C.PDF) <span id="SPDF_06MDE170516F633150EBCFE438084174F7DECCDC20C" aria-hidden="true">317 kb</span> [Master Direction – Direct Investment by Residents in Joint Venture (JV) / Wholly Owned Subsidiary (WOS) Abroad (Updated as on June 24, 2021)](BS_ViewMasDirections.aspx?id=10637) [![PDF - Master Direction – Direct Investment by Residents in Joint Venture (JV) / Wholly Owned Subsidiary (WOS) Abroad (Updated as on June 24, 2021)](../Images/pdf.gif)](https://rbidocs.rbi.org.in/rdocs/notification/PDFs/10MD06102016E550559916C346E0BC93720658286729.PDF) <span id="SPDF_10MD06102016E550559916C346E0BC93720658286729" aria-hidden="true">1274 kb</span> [Master Direction – Borrowing and Lending transactions in Indian Rupee between Persons Resident in India and Non-Resident Indians/ Persons of Indian Origin (<span style="color: red">Updated as on September 08, 2026</span>)](BS_ViewMasDirections.aspx?id=10191) [![PDF - Master Direction – Borrowing and Lending transactions in Indian Rupee between Persons Resident in India and Non-Resident Indians/ Persons of Indian Origin (Updated as on September 08, 2026)](../Images/pdf.gif)](https://rbidocs.rbi.org.in/rdocs/notification/PDFs/02MD787706E669D641C090B415DBE22DEE29.PDF) <span id="SPDF_02MD787706E669D641C090B415DBE22DEE29" aria-hidden="true">323 kb</span> [Master Direction - Liberalised Remittance Scheme (LRS) (<span style="color: red">Updated as on September 06, 2024</span>)](BS_ViewMasDirections.aspx?id=10192) [![PDF - Master Direction - Liberalised Remittance Scheme (LRS) (Updated as on September 06, 2024)](../Images/pdf.gif)](https://rbidocs.rbi.org.in/rdocs/notification/PDFs/03MD945692290C104C5595AEDAC89AE78788.PDF) <span id="SPDF_03MD945692290C104C5595AEDAC89AE78788" aria-hidden="true">423 kb</span> [Master Direction - Other Remittance Facilities (<span style="color: red">Updated as on May 06, 2026</span>)](BS_ViewMasDirections.aspx?id=10193) [![PDF - Master Direction - Other Remittance Facilities (Updated as on May 06, 2026)](../Images/pdf.gif)](https://rbidocs.rbi.org.in/rdocs/notification/PDFs/04MD5127742FD0914D54B5EC4ECA8076F325.PDF) <span id="SPDF_04MD5127742FD0914D54B5EC4ECA8076F325" aria-hidden="true">500 kb</span> [Master Direction – Acquisition or Transfer of Immovable Property under Foreign Exchange Management Act, 1999 (Updated as on September 01, 2022)](BS_ViewMasDirections.aspx?id=10196) [![PDF - Master Direction – Acquisition or Transfer of Immovable Property under Foreign Exchange Management Act, 1999 (Updated as on September 01, 2022)](../Images/pdf.gif)](https://rbidocs.rbi.org.in/rdocs/notification/PDFs/07MIP0101168C51C4CB845342D09E8A4A613B1F1C6D.PDF) <span id="SPDF_07MIP0101168C51C4CB845342D09E8A4A613B1F1C6D" aria-hidden="true">269 kb</span> [Master Direction - Remittance of Assets (<span style="color: red">Updated as on June 29, 2026</span>)](BS_ViewMasDirections.aspx?id=10197) [![PDF - Master Direction - Remittance of Assets (Updated as on June 29, 2026)](../Images/pdf.gif)](https://rbidocs.rbi.org.in/rdocs/notification/PDFs/08MDROA112016989330DF1FF9494784DAC32B488E6AE4.PDF) <span id="SPDF_08MDROA112016989330DF1FF9494784DAC32B488E6AE4" aria-hidden="true">197 kb</span> [Master Direction - Deposits and Accounts (<span style="color: red">Updated as on September 02, 2026</span>)](BS_ViewMasDirections.aspx?id=10198) [![PDF - Master Direction - Deposits and Accounts (Updated as on September 02, 2026)](../Images/pdf.gif)](https://rbidocs.rbi.org.in/rdocs/notification/PDFs/09MDD593B2F2D48648C8AB3D37625C9F245D.PDF) <span id="SPDF_09MDD593B2F2D48648C8AB3D37625C9F245D" aria-hidden="true">548 kb</span> [Master Direction – Import of Goods and Services (<span style="color: red">Updated as on January 12, 2026</span>)](BS_ViewMasDirections.aspx?id=10201)

  5. [![PDF - Master Direction – Import of Goods and Services (Updated as on January 12, 2026)](../Images/pdf.gif)](https://rbidocs.rbi.org.in/rdocs/notification/PDFs/12MDFB8AD1B34BCB4D0A8F6869DA4A53082E.PDF) <span id="SPDF_12MDFB8AD1B34BCB4D0A8F6869DA4A53082E" aria-hidden="true">486 kb</span> [Master Direction – Reporting under Foreign Exchange Management Act, 1999 (<span style="color: darkred">Updated as on September 23, 2026</span>)](BS_ViewMasDirections.aspx?id=10202) [![PDF - Master Direction – Reporting under Foreign Exchange Management Act, 1999 (Updated as on September 23, 2026)](../Images/pdf.gif)](https://rbidocs.rbi.org.in/rdocs/notification/PDFs/13MDRD77DCF42C4E64B6C9A83C24EF5D4E188.PDF) <span id="SPDF_13MDRD77DCF42C4E64B6C9A83C24EF5D4E188" aria-hidden="true">2200 kb</span> [Master Direction - Miscellaneous (<span style="color: red">Updated as on May 13, 2026</span>)](BS_ViewMasDirections.aspx?id=10203) [![PDF - Master Direction - Miscellaneous (Updated as on May 13, 2026)](../Images/pdf.gif)](https://rbidocs.rbi.org.in/rdocs/notification/PDFs/14MDM1120153F2FD5CC455640E78D139304BC7C080F.PDF) <span id="SPDF_14MDM1120153F2FD5CC455640E78D139304BC7C080F" aria-hidden="true">237 kb</span> [Master Direction – Opening and Maintenance of Rupee/Foreign Currency Vostro Accounts of Non-resident Exchange Houses (Updated as on December 22, 2022)](BS_ViewMasDirections.aspx?id=10205) [![PDF - Master Direction – Opening and Maintenance of Rupee/Foreign Currency Vostro Accounts of Non-resident Exchange Houses (Updated as on December 22, 2022)](../Images/pdf.gif)](https://rbidocs.rbi.org.in/rdocs/notification/PDFs/16MCDF82CC17C279247FCB66E2A39BDAD38F6.PDF) <span id="SPDF_16MCDF82CC17C279247FCB66E2A39BDAD38F6" aria-hidden="true">221 kb</span> [Master Direction – Export of Goods and Services (<span style="color: red">Updated as on July 17, 2026</span>)](BS_ViewMasDirections.aspx?id=10395) [![PDF - Master Direction – Export of Goods and Services (Updated as on July 17, 2026)](../Images/pdf.gif)](https://rbidocs.rbi.org.in/rdocs/notification/PDFs/11MDEGS1205163428383952204B77831A3A086E82FDDF.PDF) <span id="SPDF_11MDEGS1205163428383952204B77831A3A086E82FDDF" aria-hidden="true">519 kb</span> [Master Direction - Money Changing Activities (<span style="color: red">Updated as on June 24, 2026</span>)](BS_ViewMasDirections.aspx?id=11518) [![PDF - Master Direction - Money Changing Activities (Updated as on June 24, 2026)](../Images/pdf.gif)](https://rbidocs.rbi.org.in/rdocs/notification/PDFs/MD03_29031928C70FB929814CFCA72C7D3ED5A0EDE4.PDF) <span id="SPDF_MD03_29031928C70FB929814CFCA72C7D3ED5A0EDE4" aria-hidden="true">334 kb</span> <span id="Note"></span> <div data-align="right"> </div> <div class="grid_1 archives alpha"> <span id="DateSettree_lbltree"></span> <div id="treeYear" class="grid_1 archives alpha"> [2026](#) [2025](#) [2024](#) [2023](#) [2022](#) [2021](#) [2020](#) [2019](#) [2018](#) [2017](#) ## [Archives](javascript:void\(0\);) <div id="divArchiveSub" style="display: none;"> <div id="treeYear" class="grid_tree archives alpha"> - [2016](#) - [2015](#) </div> </div> </div> </div> <div class="clearfix"> </div> [Top](#top) <div id="backDiv" style=" text-align:center;"> [Back to previous page](javascript:history.back\(\)) <span id="lblGetLastUpdateDate" class="paraheader"></span> </div> <div class="footer"> <div class="container_12"> <div class="grid_9" style="width: 833px !important; "> ## <span class="blue">More</span> Links - [Bank Holidays](/Scripts/HolidayMatrixDisplay.aspx) - [Banking Glossary](https://shabdavali.rbi.org.in/) - [Citizen's Charter](/Scripts/CitiChart.aspx) - [Complaints](/Scripts/Complaints.aspx) - [Contact Us](/Scripts/contactus.aspx) - [COVID-19 Measures](https://www.rbi.org.in/scripts/bs_viewcontent.aspx?Id=3894) - [E-LMS](https://ncfe.org.in/e-lms) - [Events](/Scripts/EventsDisplay.aspx) - [FAQs](/Scripts/FAQDisplay.aspx) - [Financial Education](https://www.rbi.org.in/FinancialEducation/) - [Forms](/Scripts/BS_ViewForms.aspx) - [IFSC/MICR Codes](/Scripts/IFSCMICRDetails.aspx) - [Important Websites](/Scripts/OtherLinks.aspx) - [Opportunities<span>@</span>RBI](https://opportunities.rbi.org.in/scripts/index.aspx) - [RBI Clarifications](/Scripts/rbi_clarification.aspx) - [RBI Kehta Hai](https://rbikehtahai.rbi.org.in/) - [RBI’s Vision and Values ![PDF document](../Images/pdf.gif) (652 kb)](https://rbidocs.rbi.org.in/rdocs/content/pdfs/Utkarsh202910042026.pdf) - [Right to Information Act](/Scripts/Righttoinfoact.aspx) - [Tenders](/Scripts/BS_ViewTenders.aspx)

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RBI Master Directions - Foreign Exchange Management (listing page, not a legal document) · Nelum