**Summary:**
This circular, RBI/2022-23/69 A.P. (DIR Series) Circular No. 05, issued by the Reserve Bank of India (RBI) on June 9, 2022, announces the discontinuation of the return detailing guarantees availed and invoked from nonresident entities, effective from the quarter ending June 2022. This follows A.P. DIR series circular No. 26, dated February 18, 2022, which initially advised Authorised Persons of the proposed discontinuation. The return is referenced in A.P. DIR series circular No. 20, dated August 29, 2012, the Master Direction on External Commercial Borrowings, Trade Credits and Structured Obligations dated March 26, 2019, and the Master Direction on Reporting under Foreign Exchange Management Act, 1999 dated January 01, 2016 (Part X Statement). The aforementioned Master Directions are being updated to reflect this change. The circular, issued under Section 10(4) and 11(2) of the Foreign Exchange Management Act, 1999 (42 of 1999), directs AD Category I banks to inform their constituents of this change. Contact for further information: Ajay Kumar Misra, Chief General Manager-in-Charge.
Key Entities Referenced
Reserve Bank of India: Central bank of India and the issuer of this circular.
Foreign Exchange Management Act, 1999: Indian Act governing foreign exchange regulations. The circular pertains to reporting requirements under this act.
AD Category I banks: Authorized Dealer banks, Category I. These banks are addressees of the circular.
A.P. DIR series circular No 26, dated February 18, 2022: Previous circular regarding proposed discontinuation of the return Details of guarantee availed and invoked from nonresident entities.
A.P. DIR series circular No 20, dated August 29, 2012: Previous circular related to external commercial borrowings.
Master Direction External Commercial Borrowings, Trade Credits and Structured Obligations dated March 26, 2019: Master Direction related to external commercial borrowings, trade credits and structured obligations.
Master Direction Reporting under Foreign Exchange Management Act, 1999 dated January 01, 2016: Master Direction related to reporting requirements under the Foreign Exchange Management Act, 1999.
Ajay Kumar Misra: Chief General Manager-in-Charge at Reserve Bank of India, signatory of the circular.
भारतीय �रज़व र् बक�
RESERVE BANK OF INDIA
RBI/2022-23/69
A.P. (DIR Series) Circular No. 05 June 09, 2022
AD Category I banks
Madam/ Sir,
Discontinuation of Return under Foreign Exchange Management Act, 1999
Attention of Authorised Persons is invited to A.P. (DIR series) circular No 26, dated February
18, 2022, wherein Authorised Persons were advised about proposed discontinuation of the
return “Details of guarantee availed and invoked from non-resident entities”. It was also
advised that the date of discontinuation would be notified in due course.
2. In this regard, reference may be drawn to A.P. (DIR series) circular No 20, dated August
29, 2012, Master Direction - External Commercial Borrowings, Trade Credits and Structured
Obligations dated March 26, 2019 and the Master Direction - Reporting under Foreign
Exchange Management Act, 1999 dated January 01, 2016, as amended from time to time
(Refer Part X – ‘Statement for reporting of non-resident guarantees issued and invoked in
respect of fund and non-fund based facilities between two persons resident in India’).
3. It has now been decided to discontinue the above return, with effect from the quarter
ending June 2022.
4. The above-mentioned Master Directions are being updated to reflect these changes.
AD banks may bring the contents of this circular to the notice of their constituents.
5. The directions contained in this circular have been issued under Section 10(4) and
11(2) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice
to permissions/approvals, if any, required under any other law.
Yours faithfully,
(Ajay Kumar Misra)
Chief General Manager-in-Charge