NEW DELHI, Feb. 18 -- The Government of India issued the following FEMA circular:
RBI/2025-26/223
A.P. (DIR Series) Circular No. 23
February 18, 2026
All Authorised Persons
Madam / Sir,
Reporting under Foreign Exchange Management Act, 1999 - Returns pertaining to
External Commercial Borrowing (ECB)
Attention of Authorised Persons is invited to the Master Direction - Reporting under Foreign Exchange Management Act, 1999. The Reserve Bank has issued the Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations, 2026 dated February 09, 2026 (published in the official gazette on February 16, 2026) for revising the External Commercial Borrowing (ECB) Framework. The forms for returns pertaining to ECB, prescribed u...