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.

FPI investment limits in government securities expanded under a phased rupee denominated framework, with maturity and security caps.
A phased rupee denominated Medium Term Framework increases aggregate FPI limits in Central Government securities and establishes a separate phased limit for SDLs, while preserving the requirement that FPIs invest only in securities with a minimum residual maturity of three years. Aggregate FPI holdings in any Central Government security are capped at 20%; securities exceeding that threshold will be placed on a negative investment list and barred from fresh FPI purchases until holdings decline. Operational monitoring is day end based and further guidelines will be issued by the securities regulator.

FDI in White Label ATM Operations: full foreign ownership under automatic route, subject to net worth requirement and RBI conditions.
Permits 100% FDI in White Labelled ATM Operations under the automatic route, subject to a minimum net worth of Rs. 100 crore to be maintained at all times, compliance with NBFC minimum capitalization norms where the entity carries out other NBFC activities, and adherence to RBI criteria and guidelines issued by the specified RBI circular; decision effective immediately.

Regularisation of undisclosed foreign assets prevents FEMA proceedings where Black Money Act taxes and penalties are paid.
Where a resident declarant has declared assets under the Black Money Act and paid the prescribed taxes and penalties, no proceedings shall lie under FEMA in respect of those declared assets and no FEMA permission is required to dispose of the asset and repatriate proceeds through banking channels within one hundred and eighty days from the date of declaration. If the declarant seeks to continue holding the asset, an application for RBI permission may be made within that period and will be decided under extant regulations; refusal requires disposal and repatriation within one hundred and eighty days or any RBI-permitted extension.

Rupee denominated bonds overseas: corporates may issue under ECB rules subject to eligibility, maturity, end use and reporting conditions.
Issuance of Rupee denominated bonds overseas is authorised under the ECB framework for corporates and specified investment trusts with investors from FATF compliant jurisdictions. Bonds must be plain vanilla instruments placed privately or listed abroad; Indian banks may arrange or underwrite but not subscribe. A minimum maturity requirement and market based all in cost standard apply. Proceeds are usable broadly except for a specified negative list of end uses. Transactions must comply with existing ECB reporting, registration and prudential requirements, and larger issues need prior central bank approval.

Cross-border payment facilitation via online gateways permitted with bank due diligence and segregated collection accounts ensuring compliance and fund sweep.
AD Category-I banks may enter standing arrangements with OPGSPs to process import and export payments subject to due diligence, separate Export and Import Collection accounts, appropriate purpose codes, reporting to the Reserve Bank, quarterly reconciliation and audit, and adherence by foreign OPGSPs to liaison office approval, IT law compliance, dispute resolution, refund reserves and seller onboarding procedures. Import and export collections are limited to prescribed transaction values with specified permitted credits and debits; NOSTRO collection accounts must be used for exports and funds swept into Indian export collection accounts and exporter accounts within prescribed timelines.

Foreign currency accounts by ship-manning agencies: permitted in India with restricted credits, no credit facilities, and limited duration.
Ship manning and crew management agencies rendering services to overseas shipping or airline companies may open non interest bearing foreign currency accounts with AD Category I banks in India; credits limited to freight/passage collections or inward remittances from the overseas principal, debits limited to local ship/crew management expenses, no credit facilities against account balances, no EEFC facility, banks to meet reserve requirements, and accounts allowed only during the agreement's validity.

Industrial license validity revised to extended term; applies to existing and future licences, expired require fresh application.
The amendment revises the initial validity of industrial licences for the defence sector to 15 years, further extendable up to 18 years, applying to existing and future licences; licences that have already expired require a fresh application.

Export credit line requires majority Indian-sourced supplies and EDF/SDF reporting, with limited foreign procurement permitted.
A Government-supported Line of Credit administered by the Export-Import Bank finances specified power-sector contracts in Nicaragua subject to a requirement that at least 75% of contract value for goods and services (including consultancy) be supplied from India and up to 25% of goods and services may be procured abroad; shipments must be declared on EDF/SDF forms, disbursements and LC openings are bound by contract completion or a fixed outer date, and no agency commission is payable under the LOC though exporters may use own funds or EEFC balances for commission subject to remittance rules.

Partly paid shares and warrants allowed as eligible capital instruments under FDI policy; issuance subject to RBI terms.
The FDI policy now treats capital as including equity shares (which may be partly paid), fully, compulsorily and mandatorily convertible preference shares and debentures, and warrants; preference shares and convertible debentures must be fully paid and mandatorily convertible, and 'warrant' includes share warrants. An Indian company may issue warrants and partly paid shares to non residents subject to terms and conditions prescribed by the Reserve Bank of India.