The Reserve Bank of India (RBI), through A.P. (DIR Series) Circular No. 18 dated June 24, 2026, has undertaken a comprehensive review of circulars issued under the Foreign Exchange Management Act, 1999 (FEMA) as part of its ongoing initiative to rationalise the regulatory framework. Following the review of circulars issued since June 1, 2000, the RBI has decided to withdraw the circulars listed in the Annex, as they have become inoperative due to subsequent regulatory amendments, redundancy, overlap, or replacement by newer directives. The move is intended to simplify and streamline FEMA-related compliance by eliminating outdated instructions from the regulatory framework. The RBI has directed all Authorised Persons to inform their constituents about the withdrawal of these circulars. The directions have been issued under Sections 10(4) and 11(1) of FEMA, 1999, without affecting any approvals or permissions that may be required under other applicable laws.
Reserve Bank of India
RBI/2026-27/175
A.P. (DIR Series) Circular No. 18 | Dated: June 24, 2026
To
All Authorised Persons
Madam / Sir,
Review of Circulars issued under Foreign Exchange Management Act, 1999 (FEMA)
In pursuance of the Reserve Bank’s ongoing initiative to rationalise the regulatory framework under the Foreign Exchange Management Act, 1999 (FEMA), a review of circulars issued since June 01, 2000, has been undertaken. The circulars, as listed at Annex, that have ceased to be operative owing to subsequent regulatory amendments, redundancy, overlap or supersession by newer directives, are being withdrawn.
2. Authorised Persons may bring the contents of this circular to the notice of their constituents concerned.
3. The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the FEMA, 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.
Yours faithfully
(Dr. Aditya Gaiha)
Chief General Manager-In-Charge
