Customer identification and AML compliance for authorized money changers, including MLRO appointment and suspicious-transaction reporting obligations.
Authorized money changers must adopt board-approved anti-money laundering policies implementing Know Your Customer procedures, suspicious-transaction recognition and reporting, appointment of a Money Laundering Reporting Officer with reporting obligations to the Financial Intelligence Unit, staff training, transaction audit, and preservation of specified records for a minimum period; these measures apply to AMCs and their franchisees and non-compliance attracts penalties under the foreign exchange statute.

Line of Credit enables exporters to finance eligible project and supply contracts under specified export finance timelines.
Exim Bank's US dollar line of credit to the Government of Ghana finances exports in agriculture, rural electrification, transportation and communication eligible under the Foreign Trade Policy. The facility specifies terminal dates for opening Letters of Credit and disbursement timelines for project and supply contracts, requires shipment declaration on GR/SDF forms, disallows agency commission under the LOC (while permitting exporters to use own funds or EEFC balances for commission subject to realisation and compliance), and is issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999.

Foreign investment cap in FM broadcasting permits limited foreign and diaspora equity under regulatory terms.
Policy permits foreign investment, including FDI, NRI, PIO and portfolio investments, up to 20% equity in terrestrial FM radio broadcasting, subject to terms and conditions specified by the licensing authority for grant of permission to set up FM radio stations.

Foreign direct investment in asset reconstruction companies allowed under FDI route, with ownership limits and SARFAESI compliance required.
Permits foreign direct investment in Asset Reconstruction Companies registered with RBI via the FDI route while excluding FIIs from ARC equity; FIPB will consider applications subject to an overall foreign equity ceiling and additional SARFAESI compliance where an individual investor's stake crosses the specified threshold. Separately, grants general permission to SEBI registered FIIs to invest in Security Receipts issued by ARCs subject to limits on each tranche and per FII participation, with both policies subject to periodic review and FEMA regulatory amendments to follow.

External Commercial Borrowings expanded to treat infrastructure SPVs as financial institutions and permit bank guarantees for textile ECBs under approval.
The ECB policy clarifies that Special Purpose Vehicles and Reserve Bank notified entities set up exclusively to finance infrastructure projects will be treated as financial institutions, with their ECB proposals considered under the Approval Route on a case by case basis. Banks are permitted to issue guarantees, standby letters of credit, letters of undertaking or letters of comfort for ECBs by textile companies for modernisation or expansion, subject to prudential norms and Approval Route consideration; the changes take immediate effect and corresponding regulatory amendments will follow.

Foreign investment limits in telecom revised to allow greater foreign ownership subject to Indian board control and strict security safeguards.
The policy raises the permitted composite foreign holding in specified telecom services subject to an overall cap counted across direct and indirect instruments, with half yearly disclosure and FIPB approval where applicable; majority of board and key executive positions must be resident Indian citizens enforced through licence and shareholders' agreements; company constitutional documents must require compliance with licence conditions, and state security safeguards restrict transfer of subscriber and user data abroad, limit remote access, permit monitoring and confer cancellation powers for breaches.

Line of Credit to foreign government enables export financing for designated projects with prescribed utilization and declaration rules.
A sovereign Line of Credit is available to finance exports of equipment, goods and services for specified projects and other supply contracts, each subject to distinct utilization periods; shipments under the facility must be declared on GR/SDF forms; no agency commission is payable under the Line of Credit, though exporters may use their own resources or EEFC balances for commission payments subject to realization and existing instructions; Authorized Dealers must notify exporters and may permit remittances only after full contract value realization and compliance with applicable rules.

Security deposit remittance for aircraft operating leases allowed without standby guarantees, subject to bank, regulatory and maturity conditions.
Authorised Dealer banks may permit remittance of security deposits to lessors for import of aircraft on operating lease without standby letters of credit or guarantees, subject to the AD's satisfaction of bona fides, requisite civil aviation approvals, bank board policy or specific board approval for advance remittances, and a maturity date not later than the last lease instalment or date of aircraft return; deposits may be adjusted against rentals and any balance repatriated before lease expiry. Public sector or government lessees may remit above the private ceiling only with the same conditions and a Ministry of Finance waiver of bank guarantee.

Line of Credit for export finance: regulatory terms, documentation and conditional agency commission under FEMA provisions.
A foreign credit facility is notified whereby Exim Bank has made a Line of Credit available to a Moroccan bank to finance eligible exports under India's Foreign Trade Policy; the LOC is subject to specified deadlines for L/C opening and final disbursement, shipment declaration on GR/SDF forms, a general prohibition on agency commission under the LOC, and procedures allowing commission payment from exporter resources or EEFC balances with prior authorisation and Reserve Bank discretion to permit commission for after sales service exports. The direction is issued under sections 10(4) and 11(1) of FEMA.

ADR/GDR guideline alignment with domestic capital norms updates issuance and compliance requirements for FCCBs and depository receipts.
Amendment aligns the ADR/GDR guidelines under the Foreign Currency Convertible Bonds and Ordinary Shares (Through Depositary Receipt Mechanism) Scheme, 1993 with domestic capital-issue norms framed by SEBI, refers to the Government press note and notification implementing those changes, and notes that consequential amendments to FEMA transfer/issue of securities rules will follow; Authorised Dealer banks must inform constituents and the directions are issued under FEMA powers.

Conversion of non-repatriable equity permitted under automatic route where original investment was in foreign exchange and sector allows.
Conversion of non-repatriable equity into repatriable equity is permitted under the automatic route where the original NRI investment was made in foreign exchange under the FDI Scheme and the sector in which conversion is proposed is on the automatic route for FDI.

Transfer of shares and convertible instruments: AD banks may process automatic-route and buy-back transfers under prescribed conditions.
Authorised Dealer banks may process transfers of shares and convertible debentures between residents and non-residents under the powers delegated by A. P. (DIR Series) Circular No.16, including transfers in companies moved from FIPB/SIA to the Automatic Route (excluding financial service companies), and transfers by non-residents to an Indian company under buy-back or capital reduction, subject to the Annex requirements and other applicable statutory permissions.

Overseas direct investment in Bhutan allowed in freely convertible currencies; proceeds must be repatriated in freely convertible currencies.
Overseas direct investment in Bhutan is permitted in freely convertible currencies in addition to Indian Rupees, and all dues and sale or winding-up proceeds from such investments must be repatriated to India in freely convertible currencies; direct investments in Nepal remain permissible only in Indian Rupees. The change is effected by an amendment to the Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, and Authorised Dealer banks are required to inform their constituents; the directions are issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act without prejudice to other statutory permissions.

Transfer of securities by gift requires prior Reserve Bank approval and prescribed documentation to ensure compliance.
Transfer of securities by gift from a resident in India to a non-resident requires prior Reserve Bank approval and submission of prescribed documents, including donor and donee details, relationship proof, reasons, and valuation or issuer certificates; the RBI will assess eligibility under relevant schedules, compliance with a five percent shareholding cap per issuer or series, adherence to applicable sectoral/FDI limits, close-relative status, cumulative annual gift value limits in rupee equivalent, and may impose other conditions in the public interest.

Foreign Direct Investment in Construction Development allowed under automatic route, subject to FEMA amendments and guidelines.
The circular gives effect to Government policy permitting foreign direct investment in townships, housing, built-up infrastructure and construction development projects under the automatic route, records amendment of the FEMA (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 via the Third Amendment Regulations, 2005, and directs Authorised Dealer banks to notify constituents; the instructions are issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999, without prejudice to other required permissions.

Foreign investment in print media: FDI and portfolio investment allowed subject to composite ceiling and compliance with applicable guidelines.
Foreign investment in the print media sector is permitted as FDI and portfolio investment within a composite ownership ceiling of 26 per cent of paid up capital, lifting prior prohibitions on FIIs, NRIs and FVCIs; Indian companies accepting such investment must comply with the applicable July 2005 guidelines and the regulatory amendment under FEMA (Fifth Amendment, 2005).

External commercial borrowings policy revised: two access routes with maturity, lender, end-use and reporting conditions.
The circular revises the Reserve Bank's External Commercial Borrowings framework by codifying two access routes-Automatic and Approval-and prescribing eligible borrowers, recognised lender credentials including minimum foreign equity holding thresholds, minimum average maturities, all-in-cost ceilings, permitted end-uses, security and parking requirements, prepayment and refinancing conditions, and mandatory reporting and disclosure obligations; FCCBs and domestic structured obligations are addressed within the same regulatory framework.

Foreign direct investment liberalisation permits automatic-route investment in petroleum while restricting foreign airline equity in domestic air transport.
Foreign Direct Investment policy permits automatic-route foreign investment in Petroleum Product Marketing, Oil Exploration in small and medium sized fields, and Petroleum Product Pipelines; the FEMA amendment enabling this change has been notified. In Air Transport Services (domestic airlines), NRIs may invest under the Automatic Route while other foreign investors face an equity cap and no direct or indirect equity participation by foreign airlines is permitted.

Commodity hedging delegation to authorised banks permits listed firms to hedge international commodity price risk under strict monitoring.
Reserve Bank delegates to accredited commercial bank Authorised Dealers the authority to permit listed Indian companies to hedge commodity price risk internationally (excluding gold, silver, petroleum and products), subject to ADs meeting prudential eligibility norms, obtaining Reserve Bank approval to act, and securing board resolutions from corporates. Permissible transactions focus on off-set hedge using exchange-traded futures and options (and OTC where warranted), with Special Account settlement, broker report verification to ensure backing by physical exposure, AD monitoring to prevent speculation, annual bank reporting of corporates hedged, and statutory auditor certification of compliance and internal controls.

Line of Credit facility approved for exports, setting eligibility, shipment declaration and limited commission payment conditions.
RBI authorises Exim Bank's Line of Credit to the Philippine export agency for financing capital goods, plant and machinery, consumer durables and other items eligible under India's Foreign Trade Policy; shipments must be declared on GR/SDF Forms. No agency commission is ordinarily payable, though exporters may pay commission from own free foreign exchange; Reserve Bank may permit commission up to 5 per cent for after sales service cases, payable in the Philippines by invoice deduction and reimbursable to the negotiating bank at 90 per cent of the f.o.b./c&f/c.i.f. value minus commission, subject to prior approval. The direction is issued under sections 10(4) and 11(1) of FEMA, 1999.