Reserve Bank of India issued the Master Direction on reporting requirements under the Foreign Exchange Management Act, 1999. The Master Direction consolidates reporting requirements and forms to be submitted through Authorised Persons, Authorised Dealer Category-I Banks, Authorised Dealer Category-II, and Authorised Banks.

The Master Direction consolidates reporting requirements across multiple areas including remittance facilities, money transfer service scheme, rupee drawing arrangements, liberalised remittance scheme, foreign investment, borrowing and lending, non-resident accounts, overseas investment, trade, guarantees, compounding, and licensing. It specifies prescribed forms, returns, reporting timelines, and submission mechanisms such as Centralised Information Management System (CIMS) and other prescribed formats. The direction applies to Authorised Persons, banks, and entities involved in foreign exchange transactions under FEMA.

“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.

The various reports/ forms required to be submitted under FEMA are consolidated under this Master Direction.”