Forex — Audit-Readiness Checklist
FEMA and Authorised-Dealer rules from the Foreign Exchange Department. Walk into your next audit or internal review already prepared, with a personal, timestamped record of what you did and which official RBI circular you followed — kept only in your own browser, never sent to BankPulse.
- Official RBI source is on file and hyperlinked for every circular you rely on -- not just remembered.
- The action this circular asked for has a recorded owner and a recorded date it was done.
- If the circular set a deadline or an effective date, that date is tracked -- not just known informally.
- If a circular you relied on has since been superseded or withdrawn, you have a note of when you last checked its status.
- If a manager or colleague asked you to do something that conflicts with a circular's own text, you have a timestamped record of what the circular actually said.
Recent circulars in this desk with a real action item
Update internal policies to allow issuance of guarantees to foreign airlines/IATA for IATA-approved travel agents without prior RBI approval. (+3 more actions on this circular)
Review and update internal policies to incorporate the amended FEMA regulations on foreign investments and derivative contracts. (+3 more actions on this circular)
Update internal policies to allow guarantee issuance up to USD 20 million per transaction without prior RBI approval. (+3 more actions on this circular)
Inform exporter customers about the line of credit and direct them to Exim Bank for full details. (+3 more actions on this circular)
Update internal manuals and staff training materials to reference this Master Circular as the primary source for resident remittance rules. (+3 more actions on this circular)
Update internal systems to reflect the extended 12-month realisation period for eligible units. (+3 more actions on this circular)
Inform exporter customers about the USD 27 million Exim Bank line of credit to Vietnam and its terms. (+4 more actions on this circular)
Inform exporter customers about the two LOCs and direct them to Exim Bank for full details. (+2 more actions on this circular)
Update your systems to reflect the new rupee value of Rs 60.5127 for the special currency basket effective November 27, 2004. (+2 more actions on this circular)
Update internal compliance teams on the expanded compounding scope under FEMA, excluding Section 3(a). (+3 more actions on this circular)
Update internal ESOP processing guidelines to allow remittances without RBI approval for indirect holdings meeting the 51% threshold. (+3 more actions on this circular)
Update internal gold loan policies to reflect the maximum tenor of 240 days for eligible jewellery exporters. (+3 more actions on this circular)
Inform exporter customers about the USD 5 million Exim Bank line of credit to Lesotho and its terms. (+3 more actions on this circular)
Inform exporter clients about the line of credit and direct them to Exim Bank for full details. (+3 more actions on this circular)
Designate a team to periodically check FATF's website for the latest NCCT list. (+3 more actions on this circular)
Update internal NRO account policies to align with this consolidated Master Circular. (+4 more actions on this circular)
Update internal FEMA compliance checklists to include the new general permission for foreign insurers with IRDA approval. (+3 more actions on this circular)
Verify the NGO has a satisfactory borrowing relationship with a scheduled commercial bank for at least 3 years. (+4 more actions on this circular)
Inform exporter clients about this line of credit and direct them to Exim Bank for full details. (+2 more actions on this circular)
Update internal policies to restrict IDC and Store Value Card usage to permissible current account transactions only. (+3 more actions on this circular)
Update internal policies to allow free cancellation and rebooking of all forward contracts for current account transactions, regardless of tenor. (+3 more actions on this circular)
Update internal NRI/PIO remittance policies to reference this Master Circular as the single source of instructions. (+3 more actions on this circular)
Ensure NRO accounts are opened only for bonafide rupee transactions and comply with eligibility criteria, including prior RBI approval for Bangladesh/Pakistan nationals. (+4 more actions on this circular)
Assess if your bank meets the minimum norms: 3 years continuous profitability, CRAR ≥9%, net NPAs ≤4%, net worth ≥₹300 crore. (+4 more actions on this circular)
Inform exporter customers about this USD 2 million LOC to Philippines. (+3 more actions on this circular)
Update internal FDI processing guidelines to reflect 100% automatic route for petroleum marketing, exploration, and pipelines. (+3 more actions on this circular)
Update internal ECB prepayment processing limits to USD 200 million for authorised dealers to allow without prior RBI approval. (+3 more actions on this circular)
Update internal checklists to include these two new transaction types under existing delegated powers. (+3 more actions on this circular)
Inform exporter customers about the USD 10 million line of credit to BMCE Bank, Morocco. (+4 more actions on this circular)
Update internal compliance checklists to verify issuer eligibility under SEBI domestic market access rules before processing ADR/GDR/FCCB applications. (+3 more actions on this circular)
Verify the airline company's bona fides and ensure it has obtained necessary approvals from the Ministry of Civil Aviation or DGCA. (+4 more actions on this circular)
Notify exporter customers about the USD 50 million line of credit to Chad and the four eligible projects. (+3 more actions on this circular)
Verify that any FDI in ARC equity does not exceed 49% of paid-up capital and that individual investments above 10% comply with SARFAESI Section 3(3)(f). (+3 more actions on this circular)
Review and update internal policies to recognize SPVs financing infrastructure as eligible financial institutions for ECB under Approval Route. (+3 more actions on this circular)
Inform exporter constituents about this line of credit and its terms. (+3 more actions on this circular)
Update internal ECB eligibility checklists to include Multi-State Co-operative Societies engaged in manufacturing. (+3 more actions on this circular)
Inform exporter clients about the $10 million line of credit to Absolut Bank, Russia. (+3 more actions on this circular)
Update internal policies to allow FII and NRI subscription to perpetual debt (Tier I) and upper Tier II instruments, adhering to the specified aggregate and individual caps. (+4 more actions on this circular)
Inform exporter constituents about the Exim Bank line of credit to Cote d'Ivoire. (+3 more actions on this circular)
Verify Project Office has RBI general/specific approval and project sanction authority clearance before opening foreign currency account. (+4 more actions on this circular)