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Foreign Exchange

FEMA - Borrowing and Lending [including External Commercial Borrowing (ECB) and Trade Credit (TC)] - https://inquisitivemind5.blogspot.com/2026/03/fema-borrowing-and-lending-including.html

FEMA Regulations on Guarantees - https://inquisitivemind5.blogspot.com/2026/03/fema-regulations-on-guarantees.html

Export / Import of Currency and Possession / Retention of Foreign Currency - https://inquisitivemind5.blogspot.com/2025/12/export-import-of-currency-and.html

Amendments in / additions to forex guidelines - https://inquisitivemind5.blogspot.com/2025/10/amendments-in-additions-to-forex.html

FX Global Code - https://inquisitivemind5.blogspot.com/2025/10/fx-global-code_26.html

Investments in Debt Instruments by Non-residents - https://inquisitivemind5.blogspot.com/2025/02/investments-in-debt-instruments-by-non.html

Operational framework for reclassification of Foreign Portfolio Investment to Foreign Direct Investment (FDI) - https://inquisitivemind5.blogspot.com/2024/11/operational-framework-for.html

Compounding of Contraventions under FEMA, 1999 - https://inquisitivemind5.blogspot.com/2024/10/compounding-of-contraventions-under.html

Overseas Investment - https://inquisitivemind5.blogspot.com/2024/08/overseas-investments.html

Framework on Currency Swap Arrangement for SAARC countries - https://inquisitivemind5.blogspot.com/2024/06/framework-on-currency-swap-arrangement.html

Margin for Derivative Contracts - https://inquisitivemind5.blogspot.com/2024/05/margin-for-derivative-contracts.html

Draft Licensing Framework for Authorised Persons (APs) under FEMA - https://inquisitivemind5.blogspot.com/2024/02/draft-licensing-framework-for.html

Hedging of Foreign Exchange Risk - https://inquisitivemind5.blogspot.com/2024/01/hedging-of-foreign-exchange-risk.html

Manner of Receipt and Payment from Person Resident outside India - https://inquisitivemind5.blogspot.com/2024/01/manner-of-receipt-and-payment-from.html?m=1

Guidelines for import of Gold and Silver by Qualified Jewellers - https://inquisitivemind5.blogspot.com/2023/11/guidelines-for-import-of-gold-and.html

Highlights of RBI Annual Report 2022-23 – Chapter 4 and 5 - https://inquisitivemind5.blogspot.com/2023/07/highlights-of-rbi-annual-report-2022-23_24.html

What are guidelines on hedging risks in overseas markets? - https://inquisitivemind5.blogspot.com/2023/01/what-are-guidelines-on-hedging-risks-in.html

What is Liberalised Remittance Scheme (LRS)? - https://inquisitivemind5.blogspot.com/2022/11/what-is-liberalised-remittance-scheme.html?m=1

International Trade Settlement in Indian Rupees (INR) - https://inquisitivemind5.blogspot.com/2022/10/international-trade-settlement-in.html

Steps taken by RBI for liberalisation of forex inflows - https://inquisitivemind5.blogspot.com/2022/10/steps-taken-by-rbi-for-liberalisation.html

What is Asian Clearing Union (ACU)? - https://inquisitivemind5.blogspot.com/2022/10/what-is-asian-clearing-union-acu.html

Late submission fee for reporting delays under FEMA - https://inquisitivemind5.blogspot.com/2022/10/late-submission-fee-for-reporting.html

What is Legal Entity Identifier (LEI)? - https://inquisitivemind5.blogspot.com/2022/10/what-is-legal-entity-identifier-lei.html

What is Rupee Drawing Arrangement (RDA)? - https://inquisitivemind5.blogspot.com/2022/10/what-is-rupee-drawing-arrangement-rda.html


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Export and Import of Goods and Services

Reserve Bank of India (RBI) has issued regulations on export and import of goods and services. What are the regulations for declaration of exports? An exporter of goods shall furnish to the specified authority, a declaration in the Export Declaration Form (EDF) specifying the amount representing the full export value of goods, at the time of export. EDF will be deemed to be submitted as part of shipping bill for goods exported through Electronic Data Interchange (EDI) port. An exporter of services shall furnish to the specified authority, a declaration in EDF specifying the amount representing the full export value of services, within 30 days from the end of month in which invoice for services has been raised. The exporter of services who has exported services to one or more recipients in a month, may submit a single EDF for all such exports. The exporter of services other than software, may submit an EDF on or before the date of receipt of payment. In the case of a non-EDI port for ex...
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FEMA - Regulations on Guarantees

Reserve Bank of India (RBI) had issued regulations governing guarantees under the Foreign Exchange Management Act, 1999 (FEMA). What is a guarantee? A guarantee, including a counter-guarantee, means a contract, by whatever name called, to perform the promise, or discharge a debt, obligation or other liability (including a portfolio of debts, obligations or other liabilities), in the event of default by the principal debtor. Who are the participants in a guarantee transaction? Principal debtor – a person in respect of whose default the guarantee is given. Surety – a person who gives a guarantee. Creditor – a person to whom the guarantee is given. When can a person resident in India act as surety / principal debtor? A person resident in India may act as a surety / principal debtor for a guarantee, subject to conditions that – The underlying transaction for which the guarantee is being given or arranged is not prohibited under FEMA guidelines. The surety and the principal debtor are eligi...
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Unique Transaction Identifier (UTI) for OTC Derivative Transactions

Reserve Bank of India (RBI) has issued directions on Unique Transaction Identifier (UTI) for over-the-counter (OTC) derivative transactions. What are the existing norms for reporting of OTC derivative transactions? At present, all transactions in OTC markets for rupee interest rate derivatives, forward contracts in Government securities, foreign currency derivatives, foreign currency interest rate derivatives, and credit derivatives are reported to the Trade Repository managed by Clearing Corporation of India Limited (CCIL-TR).  What are the directions on Unique Transaction Identifier (UTI) for OTC derivative transactions? Unique Transaction Identifier (UTI), a unique identifier assigned to an OTC derivative transaction, shall be generated / reported for all transactions in OTC derivatives market.  The directions shall be applicable to OTC derivative transactions entered into on or after January 01, 2027. UTI shall be generated in accordance with the UTI Technical Guidanc...
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Priority Sector Lending (PSL) guidelines (updated as on January 19, 2026)

Reserve Bank of India (RBI) has issued the revised guidelines on Priority Sector Lending (PSL) which has come into effect from April 01, 2025.  To whom does Priority Sector Lending (PSL) guidelines apply? Priority Sector Lending (PSL) guidelines apply to – Commercial Bank [including Regional Rural Bank (RRB), Small Finance Bank (SFB), Local Area Bank (LAB)] Primary (Urban) Co-operative Bank (UCB) other than Salary Earners’ Bank  What are the categories under PSL? The categories under priority sector are as follows – Agriculture Micro, Small and Medium Enterprises Export Credit Education Housing Social Infrastructure Renewable Energy Others What are the PSL targets for banks? The targets and sub-targets set under PSL, to be computed on the basis of the Adjusted Net Bank Credit (ANBC) / Credit Equivalent of Off-Balance Sheet Exposures (CEOBSE) as applicable as on the corresponding date of the preceding year are as below – Categories Total Priority Sector ...
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Interest Subvention for Pre and Post Shipment Export Credit under Export Promotion Mission (EPM) – Niryat Prothsahan

Government of India has launched the interest subvention for pre- and post- shipment export credit under the Export Promotion Mission (EPM) – Niryat Prothsahan scheme. How will the Scheme be operationalised? The Scheme will be operationalised by the Reserve Bank of India (RBI) through various banks that provide pre and post shipment credit to exporters. It will be jointly monitored by the Director General of Foreign Trade (DGFT) and the RBI through a consultative mechanism.  Who is eligible to receive interest subvention? Micro, Small and Medium Enterprise (MSME) manufacturer exporters and merchant exporters holding a valid and active Importer Exporter Code (IEC) and a valid MSME Udyam Registration Number shall be eligible to receive interest subvention support on pre- and post-shipment rupee export credit. What kind of credit is eligible for interest subvention? Only export credit extended by lending institutions in accordance with the RBI guidelines shall qualify for support....
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