Government-supported line of credit requires majority Indian content and prescribes shipment declarations, disbursement timelines, and commission rules.
Government-supported Line of Credit finances eligible goods, machinery, equipment and services for a power project, requiring suppliers to source a majority of contract value from India while permitting limited external procurement for non-consultancy items. The agreement fixes effective and disbursement timelines with separate windows for project exports and other supplies. Shipments must be declared on prescribed EDF/SDF forms. Agency commission is not payable under the LOC, though exporters may use their own funds or Exchange Earners' Foreign Currency Account balances for commissions subject to AD Category I bank approval and prevailing remittance instructions. Directions derive from foreign exchange statutory powers.

Line of Credit for project financing requires majority of contract value be sourced from India and EDF/SDF declarations.
Exim Bank's Government of India supported Line of Credit to the Democratic Republic of Congo for a Bandundu Province power distribution project is effective from November 27, 2015. Under the LOC, goods, machinery, equipment and services eligible under India's Foreign Trade Policy must be supplied so that at least 75% of the contract price is sourced from India while the remaining 25% (other than consultancy services) may be procured from outside India. Shipments must be declared on EDF/SDF forms and AD Category I banks shall apply prevailing rules on agency commission remittances.

Line of Credit requires majority sourcing from India and EDF/SDF declaration for export finance compliance.
A Government-supported Line of Credit from Exim Bank to Fiji Sugar Corporation finances eligible exports for sugar industry upgradation, requiring at least 75% of contract value of goods and services to be supplied from India and allowing up to 25% non consultancy inputs from abroad. Shipments must be declared on EDF/SDF forms; no agency commission is payable under the LOC but exporters may use their own funds or EEFC balances to pay commission subject to realisation and AD bank compliance. Directions issued under FEMA.

Cross currency derivatives: exchanges permitted to list EUR USD, GBP USD and USD JPY futures and options, expanding hedging options.
Recognised stock exchanges may offer cross currency futures and options in EUR USD, GBP USD and USD JPY and expand INR based options to EUR INR, GBP INR and JPY INR. Contract types, sizes, quotation and settlement currencies, premium quotation/payments, and INR settlement computation for cross currency contracts using the USD INR Reference Rate and corresponding published exchange rates are prescribed. Market participants, including residents and FPIs, may take positions without establishing underlying exposure subject to existing aggregate position limits and exchange specified limits; AD Category I banks must observe Net Open Position Limits and ensure synthetic USD INR exposures comply with USD INR position limits.

Line of Credit requires majority of contract value sourced from India, EDF/SDF reporting and restricted commission remittances.
A Government of India supported Line of Credit to the Republic of Congo for a cement plant requires at least 75% of contract value for goods and services to be supplied from India, permits up to 25% non consultancy goods procurement from abroad, mandates EDF/SDF shipment declarations, prescribes differing deadlines for L/C opening and disbursement for project versus supply contracts, prohibits agency commission under the LOC while allowing exporter funded commission remittances subject to realization and compliance, and directs AD Category I banks to notify exporters; issued under FEMA directions.

Government supported Line of Credit conditions require minimum Indian supply content and EDF/SDF declaration for export financing.
A Government of India supported Line of Credit from Exim Bank to Tanzania finances eligible exports under India's Foreign Trade Policy for a specified pipeline extension project; at least 75% of contract value for goods and services (excluding consultancy) must originate in India while up to 25% may be sourced abroad. Shipments must be declared on EDF/SDF forms; no agency commission is payable under the LOC though exporters may remit commission from their own resources or EEFC balances after receipt of contract payment, subject to prevailing rules.

External Commercial Borrowings framework reorganised into three tracks with expanded lenders and tightened compliance obligations.
The circular revises the External Commercial Borrowings framework into three tracks differentiated by currency and minimum average maturity, expands eligible overseas lenders, adopts a liberal approach with a limited negative list of end use restrictions, and applies parameters such as maturity and all in cost ceilings in totality. Entities may raise ECBs under an automatic or approval route; borrowers carry primary compliance responsibility, AD Category I banks must ensure adherence, and contraventions attract penal action under foreign exchange law. The framework becomes effective on Gazette notification and includes transitional carve outs and monthly disclosure requirements.

FPI acquisition of defaulted corporate bonds permitted subject to restructured minimum residual maturity and trustee disclosure.
Permits Foreign Portfolio Investors (FPI) to acquire NCDs/bonds in default if restructured through negotiation so the revised residual maturity meets the minimum residual maturity requirement; such acquisitions must be within the overall corporate debt investment ceiling and FPIs must disclose offer terms to Debenture Trustees. Other FPI debt investment conditions remain unchanged.

Advance remittance for aircraft imports permitted where DGCA approval suffices, without requiring separate MoCA approval.
Authorised Dealer Category I banks may permit advance remittance for import of aircrafts, helicopters and related aviation purchases without bank guarantee or an irrevocable standby letter of credit, where the importer has obtained DGCA approval under the extant Foreign Trade Policy for operating scheduled or non-scheduled air transport services; Ministry of Civil Aviation approval is not required. All other conditions of the earlier circular remain unchanged and banks must inform their constituents; directions are issued under FEMA and do not override other statutory permissions.

Evidence of import: Ex Bond and Courier Bills of Entry qualify as acceptable proof for authorised dealers to record imports.
Import documentation requirements clarify that exchange control Bills of Entry for home consumption or warehousing, Customs Assessment Certificate, Postal Appraisal Form, Customs issued Ex Bond Bill of Entry (or similar) for goods stored in FTWZ/SEZ warehouses, and Courier Bill of Entry for couriered goods constitute acceptable evidence of import for Authorised Dealer compliance; acceptance is subject to other statutory permissions where applicable.

Foreign Direct Investment policy revised: expanded automatic entry, clarified manufacture, ownership tests and sectoral conditionalities.
Amendments to the FDI Policy clarify the definition of Manufacture, expand automatic-route entry for manufacturing and specified sectors, permit FDI into LLPs where 100% automatic FDI applies, and impose conditions on downstream investments including notification, valuation, funding source and compliance requirements. Ownership and control tests are refined for companies and LLPs; government approval is required for establishment or transfer of ownership/control in Government-route sectors. Sectoral caps, entry routes and conditionalities are revised across defence, broadcasting, aviation, construction-development projects, single-brand retail trading and other sectors, with procedural reporting and regulatory clearance obligations.

Hedging of foreign currency borrowings permitted with MFIs/IFIs under back-to-back FCY-INR swaps, subject to reporting and safeguards.
Permits residents with long-term foreign currency borrowings to enter into FCY-INR swaps with MFIs/IFIs in which the Government of India is a shareholder, provided swaps are undertaken on a back-to-back basis with AD Category-I banks, limited to such MFIs/IFIs, comply with existing FCY-INR swap operational guidelines, have a minimum tenor of three years, require the MFI/IFI to bring foreign currency funds in event of borrower default, and mandate AD Category-I banks to report transactions and borrower details on the CCIL reporting platform.

SOFTEX filing liberalisation permits all software exporters to file single and bulk electronic SOFTEX forms for certification.
All software exporters may generate and file single and bulk SOFTEX forms in Excel for certification; STPI/SEZ retain one certified copy and return the duplicate to the exporter. Exporters must obtain SOFTEX numbers via the RBI website, submit certified forms to the competent authority and then to the Authorised Dealer, and comply with transmission and certification procedures under the Foreign Exchange Management Act, 1999.

Switch to normal trade: Indo Myanmar border transactions to be settled in permitted currencies under FEMA.
The Reserve Bank directs termination of the barter system at the Indo Myanmar border and mandates switching to normal trade from December 1, 2015, requiring all trade with Myanmar to be settled in any permitted currency or via the Asian Clearing Union mechanism, withdraws the prior barter trade circular, instructs Authorised Dealers to inform constituents, and issues the directions under the Foreign Exchange Management Act subject to other statutory permissions.

Special Currency Basket valuation revised, requiring authorized dealer banks to apply updated rupee conversion and notify constituents.
The Reserve Bank revised the Rupee value of the Special Currency Basket for application under the Deferred Payment Protocols and fixed a new rupee valuation effective from a specified date; AD Category I banks are required to apply the revised valuation and notify their constituents. The circular's directions are issued under sections 10(4) and 11(1) of FEMA and are without prejudice to other statutory permissions.

NPS access for NRIs permitted under FEMA, allowing subscription and repatriation through normal banking channels.
NRIs may subscribe to the National Pension System administered by PFRDA through normal banking channels, subject to PFRDA eligibility. Subscriptions may be paid by inward remittance or from NRE/FCNR/NRO accounts, and annuity or accumulated savings are freely repatriable. AD Category I banks must inform customers. The RBI amended FEMA regulations accordingly and issued these directions under sections 10(4) and 11(1) of the FEMA, without prejudice to other required permissions.

Prohibition on new liaison offices of foreign law firms continues; existing permissions may remain pending policy review.
RBI shall not grant fresh permission or renewals for Liaison Offices of foreign law firms following the Supreme Court's interim orders; existing permissions granted before those orders may continue if still in force. This prohibition remains until the policy is reviewed, including in light of the final disposal of the Supreme Court matter. Category I Authorised Dealer banks must notify their constituents, and the directions are issued within the Foreign Exchange Management Act framework and without prejudice to other legal permissions.

FLA return filing requirement: LLPs with inward or outward FDI must file annual return with RBI using prescribed format.
LLPs that received or made foreign direct investment must submit the Annual Return on Foreign Liabilities and Assets to the Reserve Bank of India annually by July 15 in the format prescribed for companies; LLPs should use 'A99999AA9999LLP999999' as the CIN placeholder.

ACU settlement mechanism: permitting use of ACU Dollar and ACU Euro nostro accounts for cross border trade payments.
Authorises use of ACU Dollar and ACU Euro Nostro accounts to settle eligible export and import transactions among ACU member countries: export payments may be debited to the counterparty bank's ACU account in India or credited to the authorised dealer's ACU account with its correspondent abroad; import payments may be credited to the counterparty bank's ACU account in India or debited to the authorised dealer's ACU account with its correspondent. Eligible trade with ACU members shall, except where specific exemptions apply, be settled through the ACU mechanism.

Forward contract liberalisation permits residents to book forex forwards and options without documentation, subject to declaration and S&A norms.
Resident individuals, firms and companies are permitted to book foreign exchange forward and FCY INR option contracts up to USD 1,000,000 on the basis of a simple self declaration without production of underlying documents; contracts will normally be deliverable, cancellation and rebooking are allowed, and AD Category I banks may require underlying documents at rebooking based on track record. Suitability and appropriateness norms, AML/KYC certification by the bank, and reporting in prescribed Annex formats apply.