The Reserve Bank of India (RBI) on September 16, 2024 issued an update on the Master Directions on Reporting under Foreign Exchange Management Act, 1999.
The following has been stated namely: -
• Foreign Exchange Management Act, 1999 (FEMA) is administered through the authorised persons and is based on the declarations and averments made to them by persons while undertaking the transactions.
• The Reserve Bank, therefore, has prescribed various reports and forms under FEMA to be submitted by/through Authorised Persons/Authorised Dealer Category – I Banks/Authorised Banks.
• Accurate compilations and timely submission of these reports are of critical importance as they not only act as a supervisory tool but also help in fine-tuning the policies relating to foreign exchange transactions regulated under FEMA.
Since this Master Direction has been significantly amended, it has been replaced rather than showing the changes in track mode for reader convenience.
[Notification No. RBI/FED/2015-16/13]
