Notification/Circular No. RBI/FED/2017-18/14 – FED Master Direction No. 19/2015-16 dated May 13, 2026
Applicable Act/Rule Foreign Exchange Management Act, 1999
Applicable Section/Rule Section 11 of FEMA, 1999
Reserve Bank of India updated the Master Direction – Miscellaneous issued to Authorised Dealer Category-I banks and Authorised Banks under FEMA, 1999. The amendment omits Paragraph 10 relating to the “Operating framework for facilitating Outward Remittance services by non-bank entities through Authorized Dealer (Category I) banks in India”.
The omitted framework earlier permitted non-bank entities to facilitate outward remittance services through AD Category-I banks for specified current account transactions including private visits, overseas education, business travel, medical treatment abroad, visa fees, examination fees, emigration related expenses and similar transactions, subject to prescribed transaction limits and compliance conditions.
The earlier framework also required AD Category-I banks to ensure compliance with FEMA provisions, KYC/AML/CFT requirements and Liberalised Remittance Scheme limits. The amendment removes the operational framework from the Master Direction with effect from issuance of A.P. (DIR Series) Circular No. 10 dated May 13, 2026.
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