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Foreign Exchange (FEMA) — RBI Master Directions

FEMA rules for cross-border trade, investment & remittances. We track 939 RBI documents in this family, anchored by 88 consolidated Master Direction(s) / Master Circular(s). Every entry links to its official page on rbi.org.in.

Last rebuilt: 18 Jun 2026, 01:11 IST
Latest tracked circular: RBI FY 2026-27
New in ~last 90 days: 16 circulars
Mapped this RBI financial year (FY 2026-27): 14 circulars
939
RBI documents in family
88
Master Direction / Circular anchors
14
Mapped this RBI FY (FY 2026-27)

About this family — the FED lineage

The Reserve Bank’s Foreign Exchange Department (FED) administers the Foreign Exchange Management Act (FEMA), 1999 — the rules for cross-border trade payments, foreign investment (FDI and portfolio flows), external commercial borrowings (ECB), and outward remittances under the Liberalised Remittance Scheme (LRS). Reference numbers beginning FED mark documents from this department, and operational instructions to banks often carry the “A. P. (DIR Series)” marker addressed to Authorised Dealers. Market-side forex and derivative regulation is handled under Financial Markets Regulation, while government and agency-banking operations appear under Government & Bank Accounts. This is our plain-English overview; every document below links to its official page on rbi.org.in — we never reproduce RBI text verbatim. under the editorial review of Vikram Jain. Independent platform, not affiliated with the Reserve Bank of India.

What this family governs

In plain English: the Foreign Exchange Department (FED) governs money moving across India’s borders under the Foreign Exchange Management Act (FEMA), 1999 — how residents and businesses send and receive foreign currency for trade, investment, borrowing and personal remittances, and what Authorised Dealer (AD) banks must check before processing those transactions. These circulars set the cross-border rules, rather than how forex and derivatives then trade in the market (which sits under Financial Markets Regulation) or government banking operations (under Government & Bank Accounts).
Two example focus areas (illustrative, drawn from common RBI foreign-exchange themes):
Focus areas are our plain-English summary of typical themes, not a quote from any RBI document; every tracked document below links to its official page on rbi.org.in. under the editorial review of Vikram Jain.
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How to find the governing Master Direction for a circular

A quick four-step method to trace any Foreign Exchange (FEMA) circular back to its consolidated RBI rulebook.

  1. Read the RBI reference number
    Every RBI circular carries a reference number such as RBI/2023-24/108 with a department token such as FED. The letters before the first slash identify the issuing department.
  2. Match the department code to its family
    That department token maps to the Foreign Exchange (FEMA) family on this page. Legacy codes are folded into their modern department, so even older circulars resolve to the right rulebook.
  3. Open the consolidated Master Direction anchor
    In the Master Direction & Master Circular anchors list below, pick the consolidated rulebook for this family — it is the living document the individual circular amends or sits under.
  4. Verify on the official RBI source
    Follow the rbi.org.in link on the anchor or the circular to confirm the current text on the Reserve Bank's own website. BankPulse never reproduces RBI text verbatim.

Master Direction & Master Circular anchors

Latest circulars in this family

The 20 most recent RBI notifications we track in this family (newest first). Each links to its official page on rbi.org.in.

Key dataSee the live numbers behind this family: Credit & Deposit Growth — bank credit & deposit growth trends, updated from official RBI data.
Key termsPlain-English definitions of core terms in this family — see the full Indian banking glossary. Master Direction · Scheduled Commercial Bank (SCB) · KYC / AML

Foreign Exchange (FEMA) — frequently asked questions

What does the RBI Foreign Exchange (FEMA) family cover?
FEMA rules for cross-border trade, investment & remittances. On BankPulse this family groups 939 RBI documents we track, anchored by 88 consolidated Master Directions / Master Circulars, grouped by the RBI issuing-department code FED.
Where can I find the official RBI Master Directions for Foreign Exchange (FEMA)?
Every entry on this page links directly to its official notification on rbi.org.in — we never reproduce RBI text verbatim. Start with the Master Direction / Master Circular anchors listed above for the consolidated rulebook, or browse the 939 tracked circulars in this family. Methodology reviewed by Vikram Jain; BankPulse is an independent platform, not affiliated with the Reserve Bank of India.
What is the difference between FDI and FPI under FEMA?
Both are routes for foreign money into India under the Foreign Exchange Management Act (FEMA), but they differ in intent and degree of control. Foreign Direct Investment (FDI) is a lasting interest in an Indian business — typically an unlisted company or a significant, longer-term stake — carrying a say in management. Foreign Portfolio Investment (FPI) is investment in listed securities such as shares and bonds for returns, without controlling the company, and is capped below the FDI threshold (10% of a listed company’s paid-up capital per investor). FDI and FPI follow different entry routes, pricing and reporting rules through Authorised Dealer banks. This is general information, not advice; the governing rules are the FEMA notifications and Master Directions linked on this page. Methodology reviewed by Vikram Jain; BankPulse is an independent platform, not affiliated with the Reserve Bank of India.
What is the Liberalised Remittance Scheme (LRS) limit?
The Liberalised Remittance Scheme (LRS) is the Reserve Bank’s facility, operated under the Foreign Exchange Management Act (FEMA) through the Foreign Exchange Department, that lets a resident individual send money abroad for permitted purposes without seeking prior RBI approval. The headline limit is USD 250,000 per person per financial year (April–March), and it can be used for a broad set of current- and capital-account purposes — overseas travel, education and medical treatment, gifts and maintenance of relatives, and investment in foreign shares, debt or property — with the remittance routed through an Authorised Dealer (AD) bank that verifies eligibility. The scheme is available only to resident individuals, including minors, and not to corporates, partnership firms or trusts; some end-uses remain prohibited or need separate approval, and tax-collected-at-source (TCS) may apply under separate income-tax rules. The RBI revises the limit and conditions from time to time, and the exact, current terms are set out in the FEMA Master Direction on LRS linked on this page. This is general information, not advice. Methodology reviewed by Vikram Jain; BankPulse is an independent platform, not affiliated with the Reserve Bank of India.
Download this family as data: crosswalk-foreign-exchange-fema.csv — a machine-readable CSV mapping every tracked Foreign Exchange (FEMA) circular (reference + title) to its parent Master Direction family and official rbi.org.in source. See also the crosswalk families JSON and the per-family CSV index.

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How this map is built: documents are grouped by the issuing-department code in each RBI reference number. Every entry links to its official page on rbi.org.in — we never reproduce RBI text verbatim. Methodology reviewed by Vikram Jain. Independent platform, not affiliated with the Reserve Bank of India.