Advisory Board constitution under foreign exchange law notified, superseding prior notice and appointing specified judicial members.
An Advisory Board is constituted under the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 by a Central Government notification, superseding a prior notification and appointing specified judicial members for a one year term; the supersession preserves effects of actions taken or omitted before it and the notification states the date on which the new constitution takes effect.

Mutual Fund overseas investment permitted within RBI specified limits, subject to authorised dealer routing and SEBI conditions.
The amendments remove mutual funds from regulation 6B and insert regulation 6C permitting Investment by Mutual Funds: registered mutual funds may invest within RBI specified limits in overseas listed shares, rated bonds/fixed income securities, exchange traded funds or other RBI stipulated securities, with every purchase and sale routed through the designated branch of an authorised dealer. Regulation 26 is replaced to subject mutual funds' foreign securities purchases to these regulations and any additional terms and conditions notified by the securities regulator.

Removal of a Schedule provision under current account rules eliminates a prohibited current account transaction category under FEMA.
The amendment effects a targeted regulatory change by omitting item number 16 from Schedule III of the Foreign Exchange Management (Current Account Transactions) Rules, 2000, thereby removing that specified schedule entry from the regulatory framework for current account transactions; the change is made under statutory powers in consultation with the central bank and comes into force on publication in the Official Gazette.

Asset Reconstruction Companies investment restrictions: FIIs barred from ARC equity and subject to capped holdings in security receipts.
Amendments define Asset Reconstruction Company as an entity registered under the SARFAESI Act and prohibit Foreign Institutional Investors from investing in the paid up equity capital of ARCs; they permit registered FIIs to purchase Security Receipts issued by ARCs on a repatriation basis and impose allocation requirements between equity and debt investments, require registration of wholly debt funds with the market regulator for exclusive debt investment, and set per FII and aggregate holding caps for Security Receipts in each tranche.

Commodity hedge authorization permits residents to use overseas commodity contracts to mitigate price risk under RBI conditions.
The Reserve Bank may authorize residents to enter into commodity contracts abroad to hedge price risk subject to conditions and Schedule III procedure; authorized dealer banks can be specially authorized to permit listed domestic companies to hedge imported/exported commodities under RBI directions and may seek RBI authority to grant such permissions. SEZ units may hedge on a stand-alone basis isolated from parent or subsidiary financial contracts, and Schedule III requires authorized dealers to verify documents and forward applications with recommendations to the Reserve Bank where applicable.

Rupee involved derivative contracts: rebooking restricted but rollovers and hedging cancellations allowed at on going rates.
Amendment restricts rebooking of foreign exchange derivative contracts involving the rupee as one of the currencies, permitting rollovers at on going rates on or before maturity. Exceptions allow residents' contracts hedging current account transactions (not based on undocumented past performance or rupee settled foreign currency transactions) to be cancelled and rebooked freely at on going rates; export related contracts may also be cancelled, rebooked or rolled over at on going rates without restriction. The amendment is retrospective with a non adverse effect clarification.

Acquisition of immovable property: payment must be via banking channels or non resident accounts; cash and traveller's cheques prohibited.
Substituted clause (a) in Regulations 3 and 4 permits acquisition of immovable property in India excluding agricultural property, plantations, and farm houses. It requires that purchase price payments be made only from funds received in India by inward remittance through normal banking channels or from funds held in non-resident accounts maintained under the Act and Reserve Bank regulations, and it prohibits payment by traveller's cheques, foreign currency notes, or any other mode not specifically permitted.

Permitted foreign investment instruments expanded to expressly include listed non-convertible debentures and commercial papers.
Amendment substitutes, in Schedule 5 paragraph 1 of the principal Regulations, the expression "listed non-convertible debentures/ bonds, commercial papers" for the prior words "non-convertible debentures/bonds", thereby expressly including listed non-convertible debentures and commercial papers within the securities transferable or issuable by persons resident outside India.

Commercial paper issuance to Foreign Institutional Investors permitted under amended deposits regulations, expanding eligible non-resident investors.
Amendment to Regulation 8 of the Foreign Exchange Management (Deposits) Regulations, 2000 expands eligibility for issuance of Commercial Paper by adding a Foreign Institutional Investor registered with the relevant securities regulator alongside Non-Resident Indians, and the amendment takes effect upon publication in the Official Gazette.