ECB modification powers: AD Category I banks may approve schedule, amount and cost changes, subject to ceilings and reporting.
Authorised dealer Category I banks may permit modifications to ECB terms-changes in draw down and repayment schedules, reductions in amount, and increases in all in cost-provided revised average maturity and/or all in cost conform to applicable ceilings and guidelines and changes occur during the ECB tenure; lender changes and transfers on corporate reorganisations are allowed after ensuring borrower eligibility and continued compliance.

Cross-border carriage of Indian currency permits limited transport of higher-denomination notes to Nepal and Bhutan under FEMA regulations.
Individuals travelling to Nepal or Bhutan may carry specified higher-denomination Reserve Bank of India currency notes subject to a prescribed ceiling; Authorised Persons must inform constituents and customers. The amendment to the Foreign Exchange Management (Export & Import of Currency) Regulations, 2000 has been notified in the Official Gazette, and the circular is issued under the Foreign Exchange Management Act without prejudice to permissions required under other laws.

Remittance of salary: facility extended to employees deputed to group companies in India and to LLPs under forex rules.
Remittance of salary outside India under Regulation 7(8) extends to employees deputed to a group company in India and the term 'company' in that provision includes a Limited Liability Partnership; the Reserve Bank amended the principal Regulations in 2014 to reflect this position and Category I Authorised Dealer banks are to notify their constituents, with the directions issued under FEMA subject to other statutory permissions.

Depository receipts scheme: new rules cap foreign holdings and require Form DRR reporting after issuance.
The circular implements the Depository Receipts Scheme, 2014, designating specified Schedule-listed securities as eligible for issuance/transfer to foreign depositories subject to applicable FEMA foreign holding limits; prohibits issuance of depository receipts at prices below corresponding domestic issue prices; requires compliance with FEMA conditions where issuance increases company capital; and mandates the domestic custodian to file Form DRR with the Reserve Bank within thirty days of close of the issue/programme.

Full FDI through automatic route permitted in construction development, subject to conditions set out in the Press Note.
The Construction Development sector is permitted full Foreign Direct Investment under the Automatic route, subject to the conditions set out in Press Note No.10 (2014 Series) dated December 3, 2014; the Reserve Bank amended the principal FEMA regulations to implement this revision and directed Authorised Dealer Category I banks to notify constituents. The directions are issued under the Foreign Exchange Management Act and remain without prejudice to other statutory permissions.

Overseas direct investment rules tightened for proprietorships and unregistered firms; approval conditioned on export status and compliance.
Revises approval-route eligibility for Overseas Direct Investment (ODI) by proprietorship concerns and unregistered partnership firms: applicant must be a Status Holder under the Foreign Trade Policy, show a proven export track record with limited export outstanding and consistently high performance, be KYC-compliant with verifiable business and turnover, not be under adverse notice or listed as a defaulter, and proposed investment abroad must not exceed prescribed ceilings based on recent average export realisation or net owned funds.

Hedging under past performance route: simplified documentation lets CFO and CS certify declarations and excess limit use.
Amendments relax documentary requirements for hedging under the Past Performance route by allowing quarterly declarations and excess limit certifications to be signed by the Chief Financial Officer and Company Secretary (or CEO/COO with CFO if no CS), replacing prior statutory auditor certification; AD Category I banks may permit aggregate outstanding contracts beyond fifty percent of the eligible limit after examining a prescribed CFO/CS declaration and turnover certificate; statutory auditors continue to certify amounts booked and compliance annually.

FDI automatic route for medical devices now permits full foreign investment for manufacturing and exempts pharma brownfield conditions.
The policy permits full foreign direct investment under the automatic route for manufacturing of medical devices, and the pharmaceutical-sector brownfield and greenfield conditions will not apply to medical device projects. The Press Note provides a detailed definition of "medical device," including instruments, accessories and in vitro diagnostic reagents and systems, and notes the definition is subject to amendment in the Drugs and Cosmetics Act. Usual pharmaceutical controls such as non compete restrictions and FIPB certificate requirements continue to apply to pharmaceuticals generally.

Line of Credit conditions require majority Indian sourcing and set LC and disbursement timelines for project exports.
Exim Bank's Line of Credit to Liberia for a Power Transmission and Distribution Project conditions financing on use of goods and services eligible under India's Foreign Trade Policy, mandates that at least 75 percent of contract value be supplied from India with up to 25 percent sourced abroad, sets distinct deadlines for opening Letters of Credit and disbursement for project exports versus supply contracts, requires GR/SDF shipment declarations, precludes payable agency commission under the LOC while permitting exporter-funded commission from own resources or EEFC balances subject to AD Category I bank compliance, and is issued under sections 10(4) and 11(1) of FEMA, 1999.

Non-resident guarantee for non-fund based facilities allowed to support resident-to-resident undertakings, enabling hedging via group guarantees.
Non-resident guarantees may support non-fund based facilities between residents under the general permission route, allowing resident subsidiaries of multinational groups to hedge foreign currency exposure through derivative contracts with Authorised Dealer Category I banks on the strength of a non resident group guarantee; discharge of guarantor liability and repayment by the principal debtor continue to be governed by A.P. (DIR Series) Circular No. 28 of 2001, and banks must notify their constituents, with directions issued under the Foreign Exchange Management Act, 1999.

Mapping FDI sectoral caps and entry routes to NIC-2008 sets specific equity limits, prohibitions and compliance conditions across industries.
The Press Note maps Consolidated FDI Policy 2014 sectoral norms to NIC-2008 and sets permissibility, equity caps and entry routes: prohibitions (lottery, gambling, chit funds, nidhi, TDR trading, certain real estate and tobacco manufacture), broad automatic 100% FDI where not specified, and detailed sectoral ceilings and conditions for agriculture under controlled conditions, mining (including titanium restrictions), petroleum, defence (26% with government route and security/management conditions), broadcasting (activity-specific caps and extensive security/monitoring obligations), civil aviation, construction/industrial parks, trading/retail formats, financial services (varied caps for banks, insurance, NBFCs, exchanges) and other regulated sectors, with cross-cutting requirements on regulators, security clearances, minimum capitalization, domestic sourcing and state consent.

Security for external commercial borrowings: expanded permissible charges on assets and guarantees to secure ECBs subject to conditions
AD Category I banks may permit creation of charge on immovable assets, movable assets, financial securities and issuance of corporate and personal guarantees in favour of overseas lenders/security trustees to secure ECBs, provided the ECB complies with extant guidelines, the loan agreement contains a security clause mandating such charge, and necessary no objection certificates from existing Indian lenders are obtained; specific regulatory conditions apply to immovable properties, movable assets, financial securities transfers and guarantee formalities, and these measures are subject to FEMA regulations and immediate effect.