The Reserve Bank of India issued A.P. (DIR Series) Circular No. 09 dated May 06, 2026, notifying the Foreign Exchange Management (Authorised Persons) Regulations, 2026 under Notification No. FEMA 401/2026-RB dated April 30, 2026. The revised framework aims to rationalise the authorisation mechanism for Authorised Persons under the Foreign Exchange Management Act, 1999, with the objective of improving delivery of foreign exchange services and easing compliance requirements. Pursuant to the notification, all Authorised Persons have been directed to comply with the new regulations. The RBI also amended instructions contained in the Master Directions relating to Money Changing Activities and Other Remittance Facilities. Additionally, several earlier A.P. (DIR Series) Circulars issued between 2000 and 2015 have been superseded as part of the regulatory overhaul. The directions were issued under Sections 10(4) and 11 of FEMA, 1999, and are stated to be without prejudice to permissions or approvals required under any other applicable law.
Reserve Bank of India
RBI/2026-27/78
A.P. (DIR Series) Circular No. 09 | Dated: May 06, 2026
All Authorised Persons,
Madam / Sir,
Issuance of Foreign Exchange Management (Authorised Persons) Regulations, 2026
The Reserve Bank has reviewed the existing framework for authorisation of any person as an Authorised Person under the Foreign Exchange Management Act, 1999, with the objective to rationalise the framework to improve delivery of foreign exchange services as well as easing compliance requirements. Accordingly, the Foreign Exchange Management (Authorised Persons) Regulations, 2026 has been notified vide Notification No. FEMA 401/2026-RB dated April 30, 2026 (published in the Official Gazette on May 06, 2026). All authorised persons shall comply with aforementioned regulations as applicable to them.
2. Upon issuance of the aforementioned regulations, instructions, as per Annex I, contained in Master Directions – Money Changing Activitiesand Master Direction – Other Remittance Facilitiesare being amended. Further, the A.P. (DIR Series) Circulars as per the Annex II are being superseded.
3. These directions are being issued under Section 10(4) and Section 11 of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.
Yours Sincerely,
(N Senthil Kumar)
Chief General Manager
Annex II
List of A.P. (DIR Series) Circulars superseded
| S.N. | A.P. (DIR Series) Circular | Date |
| 1. | A.P. (DIR Series) Circular No. 20 | November 16, 2000 |
| 2. | A.P. (DIR Series) Circular No. 11 | November 13, 2001 |
| 3. | A.P. (DIR Series) Circular No. 25 | March 06, 2006 |
| 4. | A.P. (DIR Series) Circular No. 40 | December 10, 2008 |
| 5. | A.P. (DIR Series) Circular No. 61 | May 16, 2011 |
| 6. | A.P. (DIR Series) Circular No. 41 | November 01, 2011 |
| 7. | A.P. (DIR Series) Circular No. 60 | December 22, 2011 |
| 8. | A.P. (DIR Series) Circular No. 71 | January 30, 2012 |
| 9. | A.P. (DIR Series) Circular No. 33 | September 24, 2012 |
| 10. | A.P. (DIR Series) Circular No. 87 | March 25, 2015 |
| 11. | A.P. (DIR Series) Circular No. 12 | September 10, 2015 |
