The Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations, 2026, notified on 9 February 2026, (“2026 Amendment”) marks one of the most significant overhauls of India’s External Commercial Borrowing (“ECB”) framework in recent years.   The direction is clear: move from a prescriptive, approval-heavy regime to a flexible, market-aligned framework — while tightening compliance where it matters.   Here’s what businesses, investors, and advisors should

The Reserve Bank of India (“ RBI ”) has notified the Foreign Exchange Management (Export of Goods and Services) Regulations, 2026 vide  Notification No. FEMA 23(R)/2026-RB dated January 13, 2026 (“ 2026 Regulation ”). The Regulations will come into force on October 1, 2026 and will supersede the FEMA (Export of Goods and Services) Regulations, 2015. The 2026 Regulations seek to consolidate and streamline the regulatory framework governing the export and import of goods, servi

The Reserve Bank of India (“RBI”) in a circular issued on July 10th, 2024, made way for individuals resident in India to open Foreign...

The FEM (OI) Directions were issued by the Reserve Bank of India (RBI) on August 22, 2022[1] to provide detailed operational instructions...