The Reserve Bank of India, through A.P. (DIR Series) Circular No. 23 dated February 18, 2026, has revised reporting requirements under the Foreign Exchange Management Act, 1999 concerning External Commercial Borrowing (ECB). The changes follow the notification of the Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations, 2026 dated February 9, 2026, published on February 16, 2026, which amended the ECB framework. Consequently, the forms prescribed under the Master Direction – Reporting under FEMA, 1999 for ECB returns have been modified. Part V – Annex I and Part V – Annex II of the Master Direction have been substituted with revised formats, namely Form ECB 1 (Revised) and Form ECB 2, as specified in the annexures to the circular. Authorised Persons have been instructed to inform their customers and constituents accordingly. The directions have been issued under Sections 10(4), 11(1), and 11(2) of FEMA and take immediate effect.
Reserve Bank of India
RBI/2025-26/223
A.P. (DIR Series) Circular No. 23 | Dated: February 18, 2026
All Authorised Persons
Madam / Sir,
Reporting under Foreign Exchange Management Act, 1999 – Returns pertaining to External Commercial Borrowing (ECB)
Attention of Authorised Persons is invited to the Master Direction – Reporting under Foreign Exchange Management Act, 1999. The Reserve Bank has issued the Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations, 2026 dated February 09, 2026 (published in the official gazette on February 16, 2026) for revising the External Commercial Borrowing (ECB) Framework. The forms for returns pertaining to ECB, prescribed under the Master Direction ibid, have been modified in light of the revised ECB Framework.
2. In view of the above, Part V – Annex I and Part V – Annex II of the Master Direction – Reporting under Foreign Exchange Management Act, 1999shall be substituted with the format given at Annex I (Form ECB 1 / Revised Form ECB 1) and Annex II (Form ECB 2) to this circular respectively.
3. Authorised Persons may bring the contents of the circular to the notice of their customers/ constituents concerned.
4. The directions contained in this circular have been issued under sections 10(4), 11(1) and 11(2) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.
5. These directions shall come into force with immediate effect.
Yours faithfully,
(Dr. Aditya Gaiha)
Chief General Manager-in-Charge
