Cross-border payments must route through authorised banks with country-specific currency rules and ACU settlement options.
Regulations require receipts and payments between residents in India and non-residents to be made through an Authorised Bank or Authorised Person, with the Reserve Bank able to permit exceptions on application. Trade transactions have country-specific settlement rules: Nepal and Bhutan in Indian currency (with limited exceptions), ACU members via the ACU mechanism or RBI directions, and non-ACU countries in Indian currency or foreign currency. Non-trade transactions mirror these country-specific currency rules, and current account transactions with visitors must be in Indian currency; payments may also be by debit/credit to permitted bank accounts.

Non-resident rupee account holders may trade government securities, with consideration and proceeds routed through those accounts.
Persons resident outside India maintaining specified rupee accounts may purchase or sell dated Government Securities and treasury bills, subject to applicable terms and conditions. Purchase consideration must be paid from funds held in the relevant rupee account. Sale or maturity proceeds, net of applicable taxes, must be credited to that rupee account.

Foreign contribution asset disclosure: new Form FC 4 requirements mandate detailed movable and immovable asset reporting annually.
The Amendment Rules, 2023 amend Form FC 4 by inserting two disclosure clauses: clause (ba) mandates annual tabulated reporting of movable assets created out of foreign contribution as on 31st March, showing description, opening value, acquisitions, disposals and year end balance sheet value; clause (bb) mandates annual tabulated reporting of immovable properties acquired out of foreign contribution as on 31st March, showing asset details, size, complete location and year end balance sheet value.

Use of International Credit Card exempted from domestic current account restrictions, permitting payments while visiting abroad.
A new rule inserted into the Foreign Exchange Management (Current Account Transactions) Rules, 2000 provides that rule 5 shall not apply to the use of an International Credit Card for making payments by a person while on a visit outside India; the insertion is effective retrospectively from 16 May 2023 and the explanatory memorandum states that no person will be adversely affected by the retrospective effect.

Omission of international credit card use rule removes a prior FEMA current account provision and changes permitted transactions.
The Central Government, under the Foreign Exchange Management Act and in consultation with the Reserve Bank of India, amends the Foreign Exchange Management (Current Account Transactions) Rules, 2000 by omitting Rule 7, the rule concerning use of international credit cards while outside India; the amendment takes effect upon publication in the Official Gazette and references earlier amendments to the principal rules.

Adjudicating authorities under FEMA appointed with tiered monetary jurisdiction for penalty adjudication in the Directorate of Enforcement.
The Central Government appoints specified officers of the Directorate of Enforcement as Adjudicating Authorities under the foreign exchange law, superseding a prior notification. These officers are assigned tiered monetary jurisdiction to hold inquiries and impose penalties after providing a reasonable opportunity of hearing, with senior designations allocated higher-value cases and junior designations allocated lower-value cases.

Foreign contribution compliance notification updates reporting and record-keeping references for pending and prospective cases only.
Amends the table in Notification No. S.O. 3025(E) under the Foreign Contribution (Regulation) Act, 2010 by revising serial numbers 4, 6 and 7 to cover persons accepting or utilising foreign contribution, to link serial number 6 to foreign contribution for which intimation under section 18 is not furnished, and to link serial number 7 to foreign contribution for which accounts and records are not maintained under section 19. The notification applies only to pending and prospective cases, and disposed cases are not to be reopened.