Discontinuation of legacy XBRL submissions: mandated migration to CIMS for specified gold import reporting and NIL filings.
AD Category I banks must discontinue submission of two specified gold import returns on the legacy XBRL platform and upload them on the Centralised Information Management System (CIMS) portal, with banks required to file half yearly and monthly statements of quantity and value of gold imports (mode of payment details and cumulative monthly positions) or a 'NIL' report where no data exists; directions are issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999.

LRS reporting shifted to CIMS; banks must submit daily and monthly returns promptly with mandatory return codes.
LRS reporting obligations for AD Category I banks are migrated to the Centralised Information Management System (CIMS). AD Category I banks must upload the LRS monthly return on or before the fifth of the succeeding month (commencing December 2023) and the LRS daily return on the next working day from December 26, 2023. Monthly and daily returns are assigned return codes R089 and R010 respectively. If no data is to be furnished, a 'NIL' report must be uploaded on the CIMS portal.

Trade credit reporting shifted to CIMS; banks must file guarantees return R131 only via CIMS from the specified cutoff date.
Quarterly reporting of issuance of bank guarantees for trade credits must be submitted only on the Centralised Information Management System (CIMS) under return code R131; submission via the XBRL platform will be discontinued and the Master Direction on External Commercial Borrowing, Trade Credit and Structured Obligations will be updated accordingly.

Rupee drawing arrangement reporting moved to CIMS portal; authorised dealer banks must file return R129 and submit 'NIL' if applicable.
Rupee drawing arrangement reporting for AD Category I banks is shifted from XBRL to the Centralized Information Management System (CIMS) portal. From the quarter ending December 2023, banks must upload the statement under return code R129 on CIMS and submit a 'NIL' report if no data exists. The existing Master Direction will be updated and the change is issued under the Foreign Exchange Management Act, subject to other statutory permissions.

INR trade settlement: banks may open a separate current account to facilitate exclusive receipt and settlement of export proceeds.
AD Category I banks maintaining Special Rupee Vostro Accounts for INR trade settlement are permitted to open an additional special current account exclusively for exporter constituents to receive and settle export proceeds, providing operational flexibility while operating within the existing INR settlement and account opening framework.

Advance payment facilitation for import of silver by Qualified Jewellers permitted under specified procedural conditions.
AD Category I banks may remit advance payments on behalf of Qualified Jewellers notified by the International Financial Services Centres Authority for import of silver through IIBX, subject to the procedural and compliance conditions in A.P. (DIR Series) Circular No.04 dated May 25, 2022 and pursuant to DGFT Notification permitting specified silver ITC(HS) codes.

Extension of FCRA registration validity: provisional extensions apply pending renewal disposal or until the prescribed cutoff date.
Certificates of FCRA-registered entities in two specified categories receive an interim extension: those previously extended until 30.09.2023 with pending renewals, and those whose five year validity expires between 01.10.2023 and 31.03.2024 with renewal applications filed before expiry, are extended until 31.03.2024 or until renewal disposal, whichever is earlier. If renewal is refused, the certificate expires on the refusal date and the association cannot receive or utilise foreign contribution thereafter.

Industrial license validity extended to fifteen years with a possible three year extension; automatic lapse if production not commenced.
The Press Note increases industrial licence initial validity to fifteen years with a possible discretionary three year extension, and provides that licences where commercial production has not commenced within the maximum aggregate period shall be treated as automatically lapsed. Extensions are to be processed by the Administrative Ministry/Explosive Section (DPIIT) and may be approved by the Additional Secretary/Joint Secretary without referral to the Licensing Committee, subject to conditions on timing, unchanged licence status, government comments, land tenure, completed construction, and installed plant and machinery; transfers, suspensions or cancellations bar extension.

Remittances to IFSCs under LRS now permitted for payment of foreign university fees for approved courses.
Remittances to International Financial Services Centres under the Liberalised Remittance Scheme are authorised for payment of fees to foreign universities or institutions in IFSCs for courses specified in the cited gazette notification, under the purpose head studies abroad in Schedule III of the Foreign Exchange Management (Current Account Transactions) Rules, 2000. Authorised Persons must facilitate these remittances and notify their customers; the directions are issued under the Foreign Exchange Management Act and are without prejudice to other statutory permissions.

Non-deliverable derivative contracts: onshore INR NDDCs now permitted for resident non-retail hedging, cash-settlement allowed in local or foreign currency.
AD Category I banks operating IFSC Banking Units may offer NDDCs involving the Rupee to resident non retail users for hedging, cash settled in the Rupee. Cash settlement of NDDC transactions between AD Category I banks and between an AD Category I bank and a person resident outside India is permitted in the Rupee or any foreign currency. The Master Direction is amended to define NDDC as an OTC foreign exchange derivative contract that is cash settled without delivery of the notional underlying currencies.

Currency denomination: fees on forex prepaid and travel cards must be settled in rupees, not foreign currency.
Fees and charges payable in India for international debit cards, prepaid/store value cards, travel cards and similar instruments must be denominated and settled in Rupees. Authorised Persons collecting such India-payable fees in foreign currency are directed to settle and denominate those charges only in rupees. The direction is issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act and without prejudice to other statutory permissions.

Liberalised Remittance Scheme: resident individuals may open FCAs in IFSCs for permitted investments; 15 day repatriation rule withdrawn.
Resident individuals may open a Foreign Currency Account (FCA) in International Financial Services Centres (IFSCs) for making investments permissible under the Liberalised Remittance Scheme (LRS); the prior requirement to repatriate funds lying idle in such accounts within 15 days is withdrawn and balances will be governed by the Master Direction on LRS.

Online submission of Form A2 permitted for Category II authorised dealers, subject to board approved guidelines and statutory compliance.
Authorised Dealer Category-II entities are permitted to enable online submission of Form A2, provided they frame Board approved guidelines within the extant statutory and regulatory framework and observe the terms of A.P. (DIR Series) Circular No. 50. All Authorised Dealers must comply with the provisions of the Foreign Exchange Management Act, 1999 and the Master Direction - Know Your Customer (KYC) Direction, 2016 as updated.

Online licensing for money changers now required via APConnect, centralising applications and returns for FFMCs, AD Category II under FEMA.
The circular mandates registration on the APConnect portal within three months and requires all applications for fresh licences, renewals, branch/franchise registration, MTSS agent authorisation, permitted foreign currency/nostro account openings, voluntary surrender, write-off of foreign currency notes, and submission of statutory returns to be made exclusively through APConnect; on licence generation via APConnect entities must surrender existing licences to the Reserve Bank Regional Office. Directions are issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999.

FCRA registration validity extended pending renewals, but certificate deemed expired on refusal and foreign contributions barred.
The Central Government extended the validity of FCRA registration certificates for entities with pending renewal applications or whose five year validity would expire within the specified period, generally until 30.09.2023 or until disposal of the renewal application, whichever is earlier. If a renewal application is refused, the certificate is deemed to have expired on the date of refusal and the association is ineligible to receive or utilise foreign contribution.

Line of Credit for Maldives projects permits India sourced supply and export financing under RBI and FEMA conditions.
Exim Bank's Government of India supported Line of Credit to the Maldives finances new projects and spill over costs, requires at least 75 per cent of contract value to be supplied from India, mandates Export Declaration Form/Shipping Bill filings per RBI instructions, imposes a terminal utilization period of 48 months from scheduled project completion, disallows agency commission under the LoC (though exporters may use own funds or EEFC balances subject to realization and instructions), and directs AD Category I banks to notify exporters and permit compliant remittances; directions issued under FEMA remain without prejudice to other statutory permissions.

Foreign investment reporting streamlined: SMF submissions auto acknowledged, delayed filings subject to system computed late fee or compounding.
SMF submissions on the FIRMS portal will be auto acknowledged and must be verified by Authorised Dealer Category I banks within five working days. The system flags delayed reporting; delays up to three years are approvable on payment of a system computed Late Submission Fee with Regional Office confirmation, while delays beyond three years require approval only subject to compounding of contravention and subsequent application to the Reserve Bank. Communications and updates will be system generated and reflected on the portal.