On July 21, 2026, the Reserve Bank of India (“RBI”) released the draft Foreign Exchange Management (Foreign Investment) Rules, 2026 (“Draft Rules”) for public comments.[1] Once finalised, these Draft Rules will replace the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 (“NDI Rules”). The review stems from the Union Budget 2026-27, which called for a comprehensive rework of the NDI Rules to make India’s foreign investment framework simpler. A committee was subs

On 29 May 2026, the Reserve Bank of India ("RBI") notified the Foreign Exchange Management (Cross Border Merger) (Amendment) Regulations, 2026 ("Amendment Regulations"), which came into force on 5 June 2026. The Amendment Regulations amend the Foreign Exchange Management (Cross Border Merger) Regulations, 2018 ("Cross Border Merger Regulations"), issued under the Foreign Exchange Management Act, 1999 ("FEMA"), to align India's foreign exchange framework with the corporate res