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Date: 10-Feb-2025 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank makes the following amendment in the Foreign Exchange Management

Issued by Reserve Bank of India · Not Applicable

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Executive Summary & Key Takeaways

What it means

  • The gazette notification issued by the Reserve Bank of India (RBI) introduces the Foreign Exchange Management (Manner of Receipt and Payment) (Amendment) Regulations, 2025. This amendment modifies the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023.

Key Changes

  • The amendment revises Regulation 3, specifically sub-regulation (2), clause (I), and sub-clause (a), item (ii) of the Principal Regulations.
  • The revised regulation pertains to payments involving member countries of the Asian Clearing Union (ACU).
  • Payments from a resident in one ACU member country (excluding Nepal and Bhutan) to a resident in another ACU member country must be made through the ACU mechanism or as per directions issued by the RBI to authorized dealers.
  • For all other transactions involving ACU member countries (excluding Nepal and Bhutan), receipt and payment can be made as specified in item (iii) of the regulation.

Impact Analysis

Impact on Businesses

  • There is a need to communicate these changes to relevant departments like finance, accounts, and international trade.

Impact on Authorized Dealers

  • Authorized dealers should educate their customers about the revised regulations and assist them in complying with the new requirements.

Suggested Action Items

  • Update internal policies and procedures to reflect the amended regulations.

Key Entities Referenced

Reserve Bank of India (RBI): The central bank of India, responsible for issuing and regulating foreign exchange management regulations. Asian Clearing Union (ACU): A payment arrangement whereby the participating countries settle payments for intra-regional transactions among the members on a multilateral basis. Foreign Exchange Management Act, 1999: The governing act that empowers the RBI to make regulations regarding foreign exchange management. Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023: The principal regulations being amended by this notification. Authorized Dealers: Entities authorized by the RBI to deal in foreign exchange.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-एम.एच.-अ.-11022025-260886 xxxGIDHxxx CG-MH-E-11022025-260886 xxxGIDExxx असाधारण EXTRAORDINARY भाग III—खण् ड 4 PART III—Section 4 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 103] नई ददल्ली, सोमर्ार, फरर्री 10, 2025/माघ 21, 1946 No. 103] NEW DELHI, MONDAY, FEBRUARY 10, 2025/MAGHA 21, 1946 भारतीय ररज़र् व बकैं (जर्देिी मद्रु ा जर्भाग) (केंद्रीय कायालव य) अजधसचू ना मुंबई, 4 फरर्री, 2025 जर्देिी मद्रु ा प्रबधं (प्राजि और भगु तान का तरीका) (सिं ोधन) जर्जनयमार्ली, 2025 स.ं फेमा 14(आर)(1)/2025-आरबी —जर्देिी मुद्रा प्रबंध अजधजनयम, 1999 (1999 का 42) की धारा 47 द्वारा प्रदत्त िजियों का प्रयोग करत ेहुए भारतीय ररज़र् व बैंक जर्देिी मुद्रा प्रबंध (प्राजि और भगु तान का तरीका) जर्जनयमार्ली, 2023 (ददनांक 20 ददसंबर 2023 की अजधसूचना स.ं फेमा 14(आर)/2023-आरबी) (जिसे इसके पश्चात ‘मलू जर्जनयमार्ली’ कहा गया ह)ै म ेंजनम्नानुसार संिोधन करता ह,ै अर्ावत:् - 1. संजिि नाम और प्रारंभ: (i) यह जर्जनयमार्ली जर्देिी मुद्रा प्रबंध (प्राजि और भगु तान का तरीका) (संिोधन) जर्जनयमार्ली, 2025 कहलाएगी। (ii) यह सरकारी रािपत्र म ें इसके प्रकािन की तारीख स ेलाग ू होगी। 2. जर्जनयम 3 म ेंसिं ोधन: मूल जर्जनयमार्ली म,ें जर्जनयम 3 के उप-जर्जनयम (2) के खंड (I) के उपखडं (क) के मद (ii) को, परंतुक सजहत, जनम्नजलजखत स े प्रजतस्ट्र्ाजपत दकया िाएगा, अर्ावत:् - 1005 GI/2025 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] “(ii) नपे ाल और भटू ान को छोड़कर एसीय ू के सदस्ट्य दिे - एक भागीदार दिे के ित्रे म ें जनर्ासी स े दकसी अन्य भागीदार दिे के ित्रे म ें जनर्ासी को भुगतान के संबंध म ेंएसीय ू तंत्र के माध्यम स ेअर्र्ा ररज़र्व बैंक द्वारा समय-समय पर प्राजधकृत व्यापाररयों को िारी दकए गए जनदेिों के अनुसार। अन्य सभी लने -दने के जलए, प्राजि और भगु तान नीच े(iii) म ें जर्जनर्दवष्ट तरीके स ेदकया िाए।” डॉ. आददत्य गेहा, प्रभारी मुख्य महाप्रबंधक [जर्ज्ञापन-III/4/असा./960/2024-25] फुट नोट: मलू जर्जनयमार्ली को ददनांक 20 ददसंबर 2023 (21 ददसंबर 2023 को प्रकाजित) के सरकारी रािपत्र के भाग III, खण्ड 4 म ें अजधसूचना संख्या फेमा 14(आर)/2023-आरबी के माध् यम से प्रकाजित दकया गया र्ा। RESERVE BANK OF INDIA (Foreign Exchange Department) (CENTRAL OFFICE) NOTIFICATION Mumbai , the 4th February, 2025 Foreign Exchange Management (Manner of Receipt and Payment) (Amendment) Regulations, 2025 No. FEMA 14(R)(1)/2025-RB—In exercise of the powers conferred by section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank makes the following amendment in the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023 (Notification No. FEMA 14 (R)/2023-RB dated December 20, 2023) (hereinafter referred to as 'the Principal Regulations'), namely:- 1. Short title and commencement: (i) These regulations shall be called the Foreign Exchange Management (Manner of Receipt and Payment) (Amendment) Regulations, 2025. (ii) They shall come into force with effect from the date of their publication in the Official Gazette. 2. Amendment to Regulation 3: In the Principal Regulations, in regulation 3, in sub-regulation (2), in clause (I), in sub-clause (a), for the item (ii) along with its proviso, the following shall be substituted, namely: - “(ii) Member countries of ACU, other than Nepal and Bhutan – In respect of payments from a resident in the territory of one participant country to a resident in the territory of another participant country, through ACU mechanism, or as per the directions issued by the Reserve Bank to authorised dealers from time to time. For all other transactions, receipt and payment may be made in a manner as specified at (iii) below.” Dr. ADITYA GAIHA, Chief General Manager-in-Charge [ADVT.-III/4/Exty./960/2024-25] Foot Note: The Principal Regulations were published in the Official Gazette vide Notification No. FEMA 14(R)/2023-RB dated December 20, 2023 (published on December 21, 2023) in Part III, Section 4 Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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