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