Master Directions

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 The existing set of Master Circulars issued on various subjects will stand withdrawn with the issue of the Master Direction on the subject.

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Master Direction – Reporting under Foreign Exchange Management Act, 1999 (Updated as on September 30, 2022)

FED Master Direction No.18/2015-16

January 1, 2016
(Updated as on September 30, 2022*)
(Updated as on August 22, 2022*)
(Updated as on June 09, 2022*)
(Updated as on June 08, 2021*)
(Updated as on September 18, 2019*)
(Updated as on July 10, 2019*)
(Updated as on July 9, 2019*)
(Updated as on April 4, 2019*)

(Updated as on November 20, 2018*)
(Updated as on August 01, 2018*)

(Updated as on April 26, 2018*)
(Updated as on April 12, 2018*)
(Updated as on March 16, 2018*)
(Updated as on February 02, 2018*)
(Updated as on January 24, 2018*)
(Updated as on December 20, 2017*)
(Updated as on December 14, 2017*)
(Updated as on May 15, 2017*)
(Updated as on September 19, 2016*)
(Updated as on July 07, 2016*)
(Updated as on June 13, 2016*)
(Updated as on May 24, 2016*)
(Updated as on May 18, 2016*)
(Updated as on May 5, 2016*)
(Updated as on April 13, 2016*)
(Updated as on March 23, 2016*)
(Updated as on February 11, 2016*)


All Authorised Persons

Madam/ Sir,

Master Direction – Reporting under Foreign Exchange Management Act, 1999

Foreign Exchange Management Act, 1999 (FEMA) is administered through the authorised persons and is based on the declarations and averments made to them by persons while undertaking the transactions. The Reserve Bank, therefore, has prescribed various reports and forms under FEMA to be submitted by/ through Authorised Persons/ Authorised Dealer Category – I Banks/ Authorised Banks. Accurate compilations and timely submission of these reports are of critical importance as they not only act as a supervisory tool but also help in fine-tuning the policies relating to foreign exchange transactions regulated under FEMA.

2. The various reports/ forms required to be submitted under FEMA are consolidated under this Master Direction.

3. The Master Direction will be updated from time to time as and when fresh instructions are issued.

Yours faithfully,

(Ajay Kumar Misra)
Chief General Manager-in-Charge

* Since this Master Direction has been significantly amended, it has been replaced rather than showing the changes in track mode for reader convenience. The changes are listed at the end of Master Direction in any case.