Notification / Circular No.: RBI/2025-26/223 A.P. (DIR Series) Circular No. 23 dated February 18, 2026
Applicable Act / Rule: Foreign Exchange Management Act, 1999
Applicable Section / Rule: Sections 10(4), 11(1) and 11(2)
The Reserve Bank of India has revised the External Commercial Borrowing (ECB) Framework through the Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations, 2026 dated February 09, 2026 (published in the Official Gazette on February 16, 2026). Pursuant to the revision, changes have been made to the reporting formats prescribed under the Master Direction – Reporting under Foreign Exchange Management Act, 1999. The circular is addressed to all Authorised Persons.
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.
Authorised Persons are required to bring the contents of the circular to the notice of their customers/constituents concerned.
These directions are issued under sections 10(4), 11(1) and 11(2) of the Foreign Exchange Management Act, 1999 and shall come into force with immediate effect.
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