RBI circular RBI/2025-26/223, A.P. (DIR Series) Circular No. 23, dated February 18, 2026, addresses the reporting under the Foreign Exchange Management Act, 1999, concerning returns pertaining to External Commercial Borrowing (ECB). It refers to 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 forms for returns pertaining to ECB have been modified in light of the revised ECB Framework. 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. The directions are 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, effective immediately. For further information contact the 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.
Key Entities Referenced
Foreign Exchange Management Act, 1999: The primary law governing foreign exchange in India, and the basis for the circular's directions.
External Commercial Borrowing (ECB): The subject matter of the reporting requirements being updated by this circular.
Reserve Bank of India: The issuer of the circular and regulator for foreign exchange in India.
Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations, 2026: Regulations that revise the External Commercial Borrowing (ECB) Framework.
Master Direction – Reporting under Foreign Exchange Management Act, 1999: A referenced policy document that is being updated by the circular.
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 ।