RBI/2025-26/223, A.P. (DIR Series) Circular No. 23, issued on February 18, 2026, addresses all authorised persons regarding reporting under the Foreign Exchange Management Act, 1999, specifically concerning returns pertaining to External Commercial Borrowing (ECB). The circular references the Master Direction - Reporting under Foreign Exchange Management Act, 1999, and the Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations, 2026 dated February 09, 2026. The purpose is to revise the ECB framework. The forms for ECB returns have been modified and Annex I (Form ECB 1 / Revised Form ECB 1) and Annex II (Form ECB 2) will substitute Part V - Annex I and Part V - Annex II of the Master Direction – Reporting under Foreign Exchange Management Act, 1999. Authorised Persons are requested to notify their customers/constituents. The directions, issued under sections 10(4), 11(1) and 11(2) of the Foreign Exchange Management Act, 1999, are effective immediately. Contact information: Foreign Exchange Department, Central Office, Central Office building, Shahid Bhagat Singh Road, Fort, Mumbai-400 001, India. Telephone No.022-22601000, email: fedcopcd@rbi.org.in. Addressed by Dr. Aditya Gaiha, Chief General Manager-in-Charge.
Key Entities Referenced
Foreign Exchange Management Act, 1999: The primary law referenced in the circular, governing foreign exchange management in India.
External Commercial Borrowing (ECB): The framework that the circular's reporting requirements pertain to.
Master Direction – Reporting under Foreign Exchange Management Act, 1999: A document that provides detailed guidance and instructions related to the Foreign Exchange Management Act.
Reserve Bank of India: The issuer of the circular and regulator responsible for enforcing the Foreign Exchange Management Act.
Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations, 2026: Regulations amending the framework for borrowing and lending under the Foreign Exchange Management Act.
बेटी बचाओ
बेटी पढ़ाओ
भारतीय ररज़र्व बैंक
RESERVE BANK OF INDIA
RBI/2025-26/223
A.P. (DIR Series) Circular No. 23 February 18, 2026
All Authorised Persons
Madam / Sir,
Reporting under Foreign Exchange Management Act, 1999 – Returns pertaining to
External Commercial Borrowing (ECB)
Attention of Authorised Persons is invited to the Master Direction – Reporting under Foreign
Exchange Management Act, 1999. The Reserve Bank has issued the Foreign Exchange
Management (Borrowing and Lending) (First Amendment) Regulations, 2026 dated February 09,
2026 (published in the official gazette on February 16, 2026) for revising the External
Commercial Borrowing (ECB) Framework. The forms for returns pertaining to ECB, prescribed
under the Master Direction ibid, have been modified in light of the revised ECB Framework.
2. In view of the above, Part V - Annex I and Part V - Annex II of the Master Direction – Reporting
under Foreign Exchange Management Act, 1999 shall be substituted with the format given at
Annex I (Form ECB 1 / Revised Form ECB 1) and Annex II (Form ECB 2) to this circular
respectively.
3. Authorised Persons may bring the contents of the circular to the notice of their customers/
constituents concerned.
4. The directions contained in this circular have been issued under sections 10(4), 11(1) 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.
5. These directions shall come into force with immediate effect.
Yours faithfully,
(Dr. Aditya Gaiha)
Chief General Manager-in-Charge
विदेशी मुद्रा विभाग, केन्द्रीय कायाालय, केन्द्रीय कायाालय भिन, शहीद भगतव िंह मागा, फोर्ा, मुिंबई-400 001 भारत
Foreign Exchange Department, Central Office ,Central Office building, Shahid Bhagat Singh Road, Fort, Mumbai-400 001, India
टेलीफोन/Telephone No.022-22601000, ईमेल:fedcopcd@rbi.org.in
वहिंदी में काम करना आ ान है, इ का प्रयोग बढाइए ।