RBI/2025-26/XX
A.P. (DIR Series) Circular No. XX April XX, 2025 All Authorised Dealers Madam / Sir, Export and Import of Goods and Services Reserve Bank of India, in exercise of the powers conferred under the Foreign Exchange Management Act, 1999 (42 of 1999) and the Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2025 hereby directs all Authorised Dealers (AD) to be guided by the following rules/regulations issued under Foreign Exchange Management Act, 1999 (FEMA) while handling transactions related to export and import of Goods and Services, including merchanting trade transactions. -
Notification No. G.S.R. 381(E) dated May 3, 2000 - Foreign Exchange Management (Current Account Transactions) Rules, 2000, as amended from time to time. -
Notification No. FEMA 8/2000-RB dated May 3, 2000 - Foreign Exchange Management (Guarantees) Regulations, 2000, as amended from time to time. -
Notification No. FEMA 9 (R)/2015-RB dated December 29, 2015 - Foreign Exchange Management (Realisation, repatriation and surrender of foreign exchange) Regulations, 2015, as amended from time to time. -
Notification No. FEMA 10 (R)/2015-RB dated January 21, 2016 - Foreign Exchange Management (Foreign currency accounts by a person resident in India) Regulations, 2015, as amended from time to time. -
Notification No. FEMA 5(R)/2016-RB dated April 01, 2016 - Foreign Exchange Management (Deposit) Regulations, 2016, as amended from time to time. -
Notification No. FEMA.3(R)/2018-RB dated December 17, 2018 - Foreign Exchange Management (Borrowing and Lending) Regulations, 2018, as amended from time to time. -
Notification No. FEMA 14(R)/2023-RB dated December 21, 2023 - Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023, as amended from time to time. -
Notification No. FEMA XX/2025-RB dated April XX, 2025 - Foreign Exchange Management (Export and Import of Goods and Services) Regulations, 2025. 2. An Authorised Dealer shall: -
ensure adherence to the extant Foreign Trade Policy as well as guidelines issued by the Government of India, related to export and import transactions and Merchanting Trade Transactions (MTT). -
send all references to the Reserve Bank through PRAVAAH portal1. -
inform any doubtful transaction to the Directorate of Enforcement (DoE). 3. These directions are issued in supersession of Master Direction – Export of Goods and Services and Master Direction – Import of Goods and Services. A list of circulars superseded is given in Annex-I. 4. Authorised Dealers may bring the contents of the circular to the notice of their customers/ constituents concerned. 5. The directions contained in this circular have been issued under Section 10(4) and 11(1) of the Foreign Exchange Management Act 1999 (42 of 1999) and are without prejudice to permission /approvals, if any, required under any other law. 6. These directions shall come into effect on the first day after nine months from the date of issuance. Yours Sincerely, ( )
Chief General Manager
Annex-I A. List of Circulars superseded – Export of Goods and Services | Sl. No. | Circular No. | Subject | Date | | 1 | A.P. (DIR Series) Circular No.12 | Foreign Exchange Management Act 1999 – Export of Goods and Services | September 9, 2000 | | 2 | A.P. (DIR Series) Circular No.27 | Foreign Exchange Management Act, 1999 – Export of goods and services -Forwarder’s Cargo Receipt | March 2, 2001 | | 3 | A.P. (DIR Series) Circular No. 30 | "Write off" of unrealised export bills – Simplification of procedure | April 4, 2001 | | 4 | A.P. (DIR Series) Circular No.4 | Counter-Trade Arrangements with Romania | August 27, 2001 | | 5 | A.P. (DIR Series) Circular No.20 | Export of goods & services – Extension of period of realisation | January 28, 2002 | | 6 | A.P. (DIR Series) Circular No.30 | Export of Goods for Exhibition / Trade Fairs outside India | March 26, 2002 | | 7 | A.P. (DIR Series) Circular No.35 | Export of Goods and Services - Facilities to Status Holder Exporters | April 1, 2002 | | 8 | A.P. (DIR Series) Circular No.38 | Foreign Exchange Management Act, 1999 – Export of goods and services – Reduction in value | April 12, 2002 | | 9 | A.P. (DIR Series) Circular No.10 | Export of Goods and Services – Facilities to units in Special Economic Zones (SEZs) | August 14, 2002 | | 10 | A.P. (DIR Series) Circular No.21 | Disposal of duplicate copies of Export Declaration Forms | September 16, 2002 | | 11 | A.P. (DIR Series) Circular No.61 | "Write-off" of unrealised export bills - Surrender of export incentives | December 14, 2002 | | 12 | A.P. (DIR Series) Circular No.91 | Export of Goods and Services - Facilities to Units in Special Economic Zones (SEZs) | April 1, 2003 | | 13 | A.P. (DIR Series) Circular No. 94 | Export of Goods and Services - Export of goods on promotional grounds | April 26, 2003 | | 14 | A.P. (DIR Series) Circular No.100 | Export of Goods and Services - Exports to Warehouses Abroad | May 2, 2003 | | 15 | A.P. (DIR Series) Circular No.105 | Supply of goods by Special Economic Zones (SEZs) to Units in Domestic Tariff Area (DTA) against payment in foreign exchange | June 16, 2003 | | 16 | A.P. (DIR Series) Circular No.22 | Export of Goods and Services - Payment of Claims by ECGC | September 24, 2003 | | 17 | A.P. (DIR Series) Circular No.26 | Export of Goods and Services - Export of Books on Consignment Basis | October 3, 2003 | | 18 | A.P. (DIR Series) Circular No.32 | Export of Goods and Services - Project Exports | October 28, 2003 | | 19 | A.P. (DIR Series) Circular No.40 | Export of Goods and Services – Liberalisation | December 5, 2003 | | 20 | A.P. (DIR Series) Circular No. 21 | Export of Goods and Services - Liberalisation - GR Approval for export | January 10, 2006 | | 21 | A.P. (DIR Series) Circular No. 31 | Export of Goods and Services – Extension of period of realization | April 21, 2006 | | 22 | A.P. (DIR Series) Circular No. 26 | Liberalisations in Project and Service Exports | January 08, 2007 | | 23 | A.P. (Dir Series) Circular No. 33 | Liberalisation of Export and Import procedures | February 28, 2007 | | 24 | A.P. (DIR Series) Circular No.37 | Export of Goods and Services Refund of Export Proceeds - Liberalisation | April 05, 2007 | | 25 | A.P. (DIR Series) Circular No.71 | Data on Project Export Finance | June 8, 2007 | | 26 | A.P. (DIR Series) Circular No. 49 | Export of Goods and Services - Payments of Claims by Insurance Companies-Write off | June 03, 2008 | | 27 | A.P. (DIR Series) Circular No.06 | Export of Goods and Services- Direct Dispatch of Shipping Documents Realisation and Repatriation of Export Proceeds – Liberalisation | August 13, 2008 | | 28 | A.P. (DIR Series) Circular No.03 | Export of Goods and Services - Unrealised export bills – Write-off - Surrender of export incentives | July 22, 2010 | | 29 | A.P. (DIR Series) Circular No. 47 | “Set-off” of export receivables against import payables- Liberalization of Procedure | November 17, 2011 | | 30 | A.P. (DIR Series) Circular No.48 | Mid – Sea Trans-shipment of catch by Deep Sea Fishing Vessel | November 21, 2011 | | 31 | A. P. (DIR Series) Circular No.65 | Foreign Exchange Management Act, 1999 – Export of Goods and Services - Forwarder’s Cargo Receipt | January 12, 2012 | | 32 | A.P. (DIR Series) Circular No. 80 | Export of Goods and Services - Simplification and Revision of Softex Procedure | February 15, 2012 | | 33 | A.P. (DIR Series) Circular No.81 | Export of Goods and Services - Receipt of advance payment for export of goods Involving shipment (manufacture and ship) beyond one year | February 21, 2012 | | 34 | A. P. (DIR Series) Circular No. 46 | Supply of Goods and Services by Special Economic Zones (SEZs) to Units in Domestic Tariff Areas (DTAs) against payment in foreign exchange | October 23, 2012 | | 35 | A. P. (DIR Series) Circular No. 47 | Export of Goods and Services – Simplification and Revision of Softex Procedure | October 23, 2012 | | 36 | A.P. (DIR Series) Circular No. 66 | Export of Goods and Services – Simplification and Revision of Softex Procedure at SEZs | January 1, 2013 | | 37 | A.P. (DIR Series) Circular No. 88 | “Write-off” of unrealized export bills – Export of Goods and Services – Simplification of procedure | March 12, 2013 | | 38 | A.P. (DIR Series) Circular No.118 | Export of Goods and Services – Project Exports | June 26, 2013 | | 39 | A.P. (DIR Series) Circular No.43 | Export of Goods and Services - Simplification and Revision of Declaration Form for Exports of Goods/Softwares | September 13, 2013 | | 40 | A.P. (DIR Series) Circular No. 51 | Export of Goods and Services – Project Exports | September 20, 2013 | | 41 | A.P. (DIR Series) Circular No.60 | Export Outstanding Statement (XOS) Online Bank wide Submission | October 01, 2013 | | 42 | A.P. (DIR Series) Circular No.62 | Closing of Old Outstanding Bills : Export - Follow-up - XOS Statements | October 14, 2013 | | 43 | A. P. (DIR Series) Circular No.70 | Third party payments for export / import transactions | November 8, 2013 | | 44 | A.P. (DIR Series) Circular No.100 | Third party payments for export / import transactions | February 4, 2014 | | 45 | A.P. (DIR Series) Circular No.101 | Export of Goods and Services: Export Data Processing and Monitoring System (EDPMS) | February 4, 2014 | | 46 | A.P. (DIR Series) Circular No. 109 | Export of Goods and Services: Export Data Processing and Monitoring System (EDPMS) | February 28, 2014 | | 47 | A.P. (DIR Series) Circular No.132 | Export of Goods - Long Term Export Advances | May 21, 2014 | | 48 | A.P. (DIR Series) Circular No.11 | Export of Goods and Services – Project Exports | July 22, 2014 | | 49 | A. P. (DIR Series) Circular No.74 | Delay in Utilization of Advance Received for Exports | February 09, 2015 | | 50 | A.P. (DIR Series) Circular No.93 | Export of Goods and Services - Project Exports | April 1, 2015 | | 51 | A.P. (DIR Series) Circular No.1 | Re-export of unsold rough diamonds from Special Notified Zone of Customs without Export Declaration Form (EDF) formality | July 02, 2015 | | 52 | A.P. (DIR Series) Circular No.5 | Export factoring on non-recourse basis | July 16, 2015 | | 53 | A.P. (DIR Series) Circular No.27 | Software Export – Filing of bulk SOFTEX-further liberalisation | November 05, 2015 | | 54 | A.P. (DIR Series) Circular No. 39 | Export of Goods and Services – Project Exports | January 14, 2016 | | 55 | A.P. (DIR Series) Circular No.53 | Grant of EDF Waiver for Export of Goods Free of Cost | March 3, 2016 | | 56 | A.P. (DIR Series) Circular No. 68 [(1)/23(R)] | Foreign Exchange Management (Exports of Goods and Services) Regulations, 2015 | May 12, 2016 | | 57 | A.P. (DIR Series) Circular No. 74 | Export Data Processing and Monitoring System (EDPMS) – Additional Modules for caution listing of exporters, reporting of advance remittance for exports and migration of old XOS data | May 26, 2016 | | 58 | A.P. (DIR Series) Circular No. 04 | Export Data Processing and Monitoring System (EDPMS) Issuance of Electronic Bank Realisation Certificate (eBRC) | September 15, 2017 | | 59 | A.P. (DIR Series) Circular No. 10 | Re-export of unsold rough diamonds from Special Notified Zone of Customs without Export Declaration Form (EDF) formality | November 22, 2019 | | 60 | A.P. (DIR Series) Circular No. 03 | Export Data Processing and Monitoring System (EDPMS) Module for ‘Caution/De-caution Listing of Exporters’ - Review | October 09, 2020 | | 61 | A.P. (DIR Series) Circular No. 08 | External Trade – Facilitation - Export of Goods and Services | December 04, 2020 | B. List of the circulars superseded – Import of Goods and Services | Sr. No. | AP (DIR Series) Circular No. | Subject | Date of Circular | | 1 | A.P. (DIR Series) Circular No. 9 | Foreign Exchange Management Act, 1999 | August 24, 2000 | | 2 | A.P. (DIR Series) Circular No.15 | Evidence of Import | September 9, 2002 | | 3 | A.P. (DIR Series) Circular No.49 | Foreign Exchange Management Act, 1999 – Advance Remittances for Imports | November 16, 2002 | | 4 | A.P. (DIR Series) Circular No.57 | Evidence of Import | November 27, 2002 | | 5 | A.P. (DIR Series) Circular No.65 | Foreign Exchange Management Act, 1999 – Advance Remittances for Services to be Rendered | January 6, 2003 | | 6 | A.P. (DIR Series) Circular No.106 | Import of goods and services into India. | June 19, 2003 | | 7 | A.P. (DIR Series) Circular No.4 | Merchanting Trade Transactions – Clarifications - Short term credit | July 19, 2003 | | 8 | A.P. (DIR Series) Circular No.9 | Evidence of Import – Liberalisation | August 18, 2003 | | 9 | A.P. (DIR Series) Circular No.15 | Advance Remittance for Imports | September 17, 2003 | | 10 | A.P. (DIR Series) Circular No. 25 | Import of gold against letter of authority issued by Nominated Agency | October 1, 2003 | | 11 | A.P. (DIR Series) Circular No.31 | Import of Silver/Platinum against Letter of Authority issued by Nominated Agency | October 24, 2003 | | 12 | A.P. (DIR Series) Circular No.49 | Advance Remittance for Imports | December 15, 2003 | | 13 | A.P. (DIR Series) Circular No.66 | Imports into India – Direct Receipt of Import Bills/Documents | February 6, 2004 | | 14 | A.P. (DIR Series) Circular No.72 | Foreign Exchange Management Act, 1999 - Import of Goods into India – Evidence of Import | February 20, 2004 | | 15 | A.P. (DIR Series) Circular No.2 | Import of Gold by (i) Export Oriented Units (EOUs), (ii) Units in SEZ/EPZ, and (iii) Nominated Agencies | July 9, 2004 | | 16 | A.P. (DIR Series) Circular No.34 | Import of Gold on Loan Basis – Tenor of Loan and Opening of Stand-By Letter of Credit | February 18, 2005 | | 17 | A.P. (DIR Series) Circular No.1 | Import of Goods of Value USD 100,000 and Less -Clarification on Follow up for Evidence of Import | July 12, 2005 | | 18 | A.P. (DIR Series) Circular No.34 | Advance Remittance for Import of Rough Diamonds | March 2, 2007 | | 19 | A.P. (DIR Series) Circular No.63 | Import of Equipments by BPO Companies in India for International Call Centre | May 25, 2007 | | 20 | A.P. (DIR Series) Circular No.77 | Advance Remittance for Import of aircrafts / helicopters / other aviation related purchases | June 29, 2007 | | 21 | A.P. (DIR Series) Circular No.18 | Direct Receipt of Import Bills / Documents - Liberalisation | November 7, 2007 | | 22 | A.P. (DIR Series) Circular No.37 | Direct Receipt of Import Bills / Documents for Import of Rough Precious & Semi-Precious Stones | April 16, 2008 | | 23 | A.P. (DIR Series) Circular No.03 | Advance Remittance for Import of Rough Diamonds | August 4, 2008 | | 24 | A.P. (DIR Series) Circular No.08 | Advance Remittance for Import of Rough Diamonds | August 21, 2008 | | 25 | A.P. (DIR Series) Circular No.09 | Foreign Exchange Management Act, 1999 - Advance Remittance for Import of Goods - Liberalisation | August 21, 2008 | | 26 | A.P. (DIR Series) Circular No.12 | Foreign Exchange Management Act, 1999 – Import of Platinum / Palladium / Rhodium / Silver | August 28, 2008 | | 27 | A.P. (DIR Series) Circular No.13 | Direct Receipt of Import Bills / Documents - Liberalisation | September 1, 2008 | | 28 | A.P. (DIR Series) Circular No.15 | Foreign Exchange Management Act, 1999 – Advance Remittances for Import of Services | September 8, 2008 | | 29 | A.P. (DIR Series) Circular No.10 | Foreign Exchange Management Act, 1999 – Advance Remittance for import of Services | October 5, 2009 | | 30 | A.P. (DIR Series) Circular No.21 | Advance Remittance for Import of Rough Diamonds | December 29, 2009 | | 31 | A.P. (DIR Series) Circular No.56 | Advance Remittance for Import of Goods – Liberalisation | April 29, 2011 | | 32 | A.P. (DIR Series) Circular No.59 | Import of rough, cut and polished diamonds | May 06, 2011 | | 33 | A.P. (DIR Series) Circular No.82 | Release of Foreign Exchange for Imports – Further Liberalisation | February 21, 2012 | | 34 | A.P. (DIR Series) Circular No.83 | Import of Gold on Loan Basis - Tenor of Loan and Opening of Stand - By Letter of Credit | February 27, 2012 | | 35 | A.P. (DIR Series) Circular No.103 | Data on import of Gold – Statements – Modification | April 03, 2012 | | 36 | A.P. (DIR Series) Circular No. 34 | Foreign Exchange Management Act, 1999-Import of gold in any form including jewellery made of gold/precious metals or / and studded with diamonds / semi precious / precious stones - clarification | September 24, 2012 | | 37 | A.P. (DIR Series) Circular No.83 | Import of precious and semi precious stones- Clarification | February 20, 2013 | | 38 | A.P. (DIR Series) Circular No.103 | Import of Gold by Nominated Banks/Agencies | May 13, 2013 | | 39 | A.P. (DIR Series) Circular No.107 | Import of Gold by Nominated Banks/Agencies | June 4, 2013 | | 40 | A.P. (DIR Series) Circular No.122 | Import of Gold by Nominated Banks/Agencies | June 27, 2013 | | 41 | A.P. (DIR Series) Circular No.15 | Import of Gold by Nominated Banks /Agencies/Entities | July 22, 2013 | | 42 | A.P. (DIR Series) Circular No. 25 | Import of Gold by Nominated Banks /Agencies/Entities | August 14, 2013 | | 43 | A.P. (DIR Series) Circular No.71 | Advance Remittance for Import of Rough Diamonds | November 8, 2013 | | 44 | A.P. (DIR Series) Circular No.73 | Import of Gold by Nominated Banks /Agencies/Entities | November 11, 2013 | | 45 | A.P. (DIR Series) Circular No.82 | Import of Gold by Nominated Banks/Agencies/Entities | December 31, 2013 | | 46 | A.P. (DIR Series) Circular No.95 | Merchanting Trade Transactions | January 17, 2014 | | 47 | A.P. (DIR Series) Circular No.103 | Import of Gold / Gold Dore by Nominated Banks /Agencies /Entities - Clarifications | February 14, 2014 | | 48 | A.P. (DIR Series) Circular No.115 | Merchanting Trade Transactions - Revised guidelines | March 28, 2014 | | 49 | A.P. (DIR Series) Circular No.116 | Advance Remittance for Import of Rough Diamonds | April 01, 2014 | | 50 | A.P. (DIR Series) Circular No.133 | Import of Gold by Nominated Banks / Agencies / Entities | May 21, 2014 | | 51 | A.P. (DIR Series) Circular No.2 | Import of Rough, Cut and Polished Diamonds - credit relaxation | July 07, 2014 | | 52 | A.P. (DIR Series) Circular No.30 | Data on Import of Gold Statement - Submission under XBRL | September 15, 2014 | | 53 | A.P. (DIR Series) Circular No.42 | Import of Gold (under 20: 80 Scheme) by Nominated Banks / Agencies / Entities | November 28, 2014 | | 54 | A.P. (DIR Series) Circular No.79 | Guidelines on Import of Gold by Nominated Banks / Agencies | February 18, 2015 | | 55 | A.P. (DIR Series) Circular No.97 | Merchanting Trade to Nepal and Bhutan | April 30, 2015 | | 56 | A.P. (DIR Series) Circular No.29 | Import of Goods into India – Evidence of Import | November 26, 2015 | | 57 | A.P. (DIR Series) Circular No.30 | Advance Remittance for Import of aircrafts / helicopters /other aviation related purchases | November 26, 2015 | | 58 | A.P. (DIR Series) Circular No.57 | Import of Rough, Cut and Polished Diamonds | March 31, 2016 | | 59 | A.P. (DIR Series) Circular No.65 | Import of goods- Import Data Processing and Monitoring System (IDPMS) | April 28, 2016 | | 60 | A.P. (DIR Series) Circular No.05 | Import Data Processing and Monitoring System (IDPMS) | October 06, 2016 | | 61 | A.P. (DIR Series) Circular No.27 | Evidence of Import under Import Data Processing and Monitoring System (IDPMS) | January 12, 2017 | | 62 | A.P. (DIR Series) Circular No.20 | Merchanting Trade Transactions (MTT) – Revised Guidelines | January 23, 2020 | | 63 | A.P. (DIR Series) Circular No.12 | CIMS Project implementation - Discontinuation of submission in legacy XBRL (Data on Import of Gold Statement)
| December 22, 2023 |
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