The Reserve Bank of India has started issuing Master Directions on all regulatory matters beginning January 2016. The Master Directions consolidate instructions on rules and regulations framed by the Reserve Bank under various Acts including banking issues and foreign exchange transactions. The process of issuing Master Directions involves issuing one Master Direction for each subject matter covering all instructions on that subject. Any change in the rules, regulation or policy is communicated during the year by way of circulars/press releases. The Master Directions will be updated suitably and simultaneously whenever there is a change in the rules/regulations or there is a change in the policy. All the changes will get reflected in the Master Directions available on the RBI website along with the dates on which changes are made. Explanations of rules and regulations will be issued by way of Frequently Asked Questions (FAQs) after issue of the Master Directions in easy to understand language wherever necessary. The existing set of Master Circulars issued on various subjects will stand withdrawn with the issue of the Master Direction on the subject.

Foreign Exchange Management
Mar 26, 2019
Master Direction - External Commercial Borrowings, Trade Credits and Structured Obligations (Updated as on April 12, 2021) (Supersedes Master Direction - External Commercial Borrowings, Trade Credit, Borrowing and Lending in Foreign Currency by Authorised Dealers and Persons other than Authorised Dealers (Updated as on November 22, 2018))	411 kb
Jan 04, 2018
Master Direction – Foreign Investment in India (Updated up to March 08, 2019)	289 kb
Feb 23, 2017
Master Direction – Money Transfer Service Scheme (MTSS)	73 kb
Nov 17, 2016
Master Direction - Insurance (Updated as on November 17, 2016)	187 kb
Jan 04, 2016
Master Direction - Establishment of Branch Office (BO)/ Liaison Office (LO)/ Project Office (PO) or any other place of business in India by foreign entities (Updated as on May 18, 2021)	317 kb
Master Direction – Direct Investment by Residents in Joint Venture (JV) / Wholly Owned Subsidiary (WOS) Abroad (Updated as on June 24, 2021)	475 kb
Master Direction- Compounding of Contraventions under FEMA, 1999 (Updated as on January 04, 2021)	248 kb
Master Direction – Borrowing and Lending transactions in Indian Rupee between Persons Resident in India and Non-Resident Indians/ Persons of Indian Origin	140 kb
Master Direction - Liberalised Remittance Scheme (LRS) (Updated as on June 20, 2018)	209 kb
Master Direction - Other Remittance Facilities (Updated as on November 6, 2018)	285 kb
Master Direction – Acquisition and Transfer of Immovable Property under Foreign Exchange Management Act, 1999 (Updated as on April 11, 2018)	181 kb
Master Direction - Remittance of Assets (Updated as on April 28, 2016)	287 kb
Master Direction - Deposits and Accounts (Updated as on January 9, 2020)	553 kb
Master Direction – Import of Goods and Services (Updated as on October 28, 2020)	790 kb
Master Direction – Reporting under Foreign Exchange Management Act, 1999 (Updated as on June 08, 2021)	1822 kb
Master Direction - Miscellaneous (Updated as on November 12, 2018)	190 kb
Master Direction – Opening and Maintenance of Rupee/Foreign Currency Vostro Accounts of Non-resident Exchange Houses (Updated as on September 08, 2020)	220 kb
Master Direction – Export of Goods and Services (Updated as on January 08, 2021)	357 kb
Master Direction - Money Changing Activities (Updated as on March 29, 2019)	252 kb