Every A.P. (DIR Series) circular and related notification directed to authorised dealers under FEMA, in chronological order. The RBI's ongoing FEMA rationalisation programme — which in August 2025 put draft guarantee regulations under FEMA (PR_61032) out for public comment as part of a broader effort to consolidate the AD operational framework — means this chain is actively being rewritten.
See also: Foreign Exchange Regulation in India | Export and Import Forex Regulations
Companion read: Why FEMA Violations Get Compounded — what happens when an authorised dealer or their customer breaches FEMA provisions, and why the compounding route has become the RBI's preferred enforcement mechanism.
Statistics
| Era | Count |
|---|---|
| pre-2005 | 411 |
| 2005-12 | 487 |
| 2013-19 | 513 |
| 2020-26 | 207 |
| Undated | 32 |
- Total notifications: 1650
- Hub nodes (>3 refs): 766
- Withdrawn: 0
| Department | Count |
|---|---|
| UBD | 10 |
| EC | 9 |
| FMD | 9 |
| FMRD | 9 |
| DNBS | 8 |
| DBR | 8 |
| DOR | 6 |
| DBOD | 4 |
| CO | 4 |
| RPCD | 3 |
Key Circulars and Directions
The following 766 notifications are the most-referenced documents in the Authorised Dealer Operations chain — each cited by 4 or more subsequent circulars.
Foundation (pre-2005) (135 hub circulars)
Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR — April 30, 1981 | 4 downstream refs
RBI/2014-15/579
"The Directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law. Yours faithfully, (B. P. Kanungo) Principal Chief General Manager"
References: ID 9231
Attachments: Attachment
Full Convertibility of Deposit Schemes – Non-Resident Indians — May 3, 2000 | 5 downstream refs
"A copy of Notification No.FEMA 52 /RB-2002 dated March 1, 2002 , amending the Foreign Exchange Management (Deposits) Regulations, 2000, is enclosed."
References: ID 582
Attachments: Attachment
Foreign Exchange Management (Permissible capital account transactions) Regulations, 2000 — May 03, 2000 | 24 downstream refs
"Definitions - In these Regulations, unless the context requires otherwise, - (a) "Act" means, the Foreign Exchange Management Act, 1999 (42 of 1999); (b) "Drawal" means drawal of foreign exchange from an authorised person and includes opening of Letter of Credit or use of International Credit Card or International Debit Card or ATM card or any other thing by whatever name called which has the..."
References: ID 4059; ID 4059; ID 4059; ID 4059; ID 4059
Attachments: Attachment, Official Gazette, Official Gazette
Risk Management and Inter Bank Dealings : Hedging under Past Performance Route — May 3, 2000 | 4 downstream refs
RBI/2014-15/250
"The directions contained in this circular have been issued under Sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and are without prejudice to permissions/ approvals, if any, required under any other law. Yours faithfully (C D Srinivasan) Chief General Manager"
References: ID 6872; ID 8906
Attachments: Attachment
Foreign Exchange Management (Foreign exchange derivative contracts) (Amendment) Regulations, 2005 — May 3, 2000 | 9 downstream refs
"( 59 kb ) Foreign Exchange Management (Foreign exchange derivative contracts) (Amendment) Regulations, 2005 Reserve Bank of India Foreign Exchange Department Central Office Mumbai-400 001 Notification No. FEMA 143 /RB-2005 19th December 2005 Foreign Exchange Management (Foreign exchange derivative contracts) (Amendment) Regulations, 2005 . In exercise of the powers conferred by clause (h) of..."
Attachments: Attachment
Issue of Non convertible/ redeemable bonus preference shares or debentures - Clarifications — May 3, 2000 | 9 downstream refs
"Reserve Bank of India has since amended the Regulations and notified vide Notification No.FEMA.291/2013-RB dated October 4, 2013 notified vide G.S.R. No.818 (E) dated December 31, 2013."
References: ID 3585; ID 3584; ID 8666
Attachments: Attachment
Foreign Investments in India – Acquisition of Immovable Property — May 3, 2000 | 21 downstream refs
"The Reserve Bank has issued Notification No. FEMA.93/2003-RB dated June 9, 2003 covering further modifications and measures for liberalisation with regard to acquisition of immovable property (copy enclosed). The updated instructions are summarised in the Annexure for ready reference."
Attachments: Attachment
Comprehensive Guidelines on Over the Counter (OTC) Foreign Exchange Derivatives and Overseas Hedging of Commodity Price — May 3, 2000 | 7 downstream refs
RBI/2010-11/526
"The necessary amendments to Notification No. FEMA.25/RB-2000 dated May 3, 2000 [Foreign Exchange Management (Foreign Exchange Derivatives Contracts) Regulations, 2000] are being notified separately."
References: ID 179; ID 6175
Attachments: Attachment
A.D. (M.A. Series) Circular No.11 (May 16, 2000) — May 16, 2000 | 12 downstream refs
"In terms of Section 10(1) of the FEMA, 1999 Reserve Bank is empowered to authorise any person to be known as authorised person to deal in foreign exchange as an authorised dealer or money changer. All authorised dealers and money changers who have been issued licences by Reserve Bank and functioning as on 31 st May 2000 shall be deemed as authorised persons, authorised by Reserve Bank to deal in..."
Attachments: Attachment
A.P. (DIR Series) Circular No.1 (June 1, 2000) — June 1, 2000 | 8 downstream refs
"Documentation It has been decided that henceforth the Reserve Bank will not prescribe the documents which should be verified by the Money Changers while releasing foreign exchange. In this connection attention of Money Changers is drawn to sub-section (5) of Section 10 of the Foreign Exchange Management Act, 1999 (42 of 1999) which provides that an authorised person shall before undertaking any..."
Attachments: Attachment
AP (DIR Series) Circular No.3 (June 22, 2000) — June 22, 2000 | 5 downstream refs
"The directions contained in this Circular are issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999). Any contravention or non-observance of these directions is subject to the penalties prescribed under the Act. Yours faithfully, B. MAHESHWARAN Chief General Manager FEMA NOTIFICATION FEMA/19/RB-2000 dated 3.5.2000"
Attachments: Attachment
Foreign Exchange Management Act, 1999 — August 24, 2000 | 6 downstream refs
"The Directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999). Any contravention or non-observance of these Directions is subject to the penalties prescribed under the said Act. Yours faithfully, B. MAHESHWARAN Chief General Manager Annexure Part A : Import of Goods A.1 General For Exchange Control..."
Attachments: Attachment
Foreign Exchange Management Act 1999 — September 9, 2000 | 16 downstream refs
"The Reserve Bank has made the Foreign Exchange Management (Export and Import of Currency) Regulations, 2000 vide its Notification No. FEMA 6/RB-2000 dated 3 rd May 2000. Any export of Indian currency except to the extent permitted under any general permission granted under the Regulations, will require prior permission of Reserve Bank."
Attachments: Attachment
A.P.(DIR Series) Circular No.14 (September 26, 2000) — September 26, 2000 | 5 downstream refs
"The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and any contravention or non-observance thereof is subject to the penalties prescribed under the Act. Yours faithfully, B.MAHESHWARAN Chief General Manager FEMA NOTIFICATION FEMA/20/RB-2000 dated 3.5.2000"
Attachments: Attachment
Foreign Exchange Management Act , 1999 - Foreign Travel — October 30, 2000 | 8 downstream refs
"In terms of clause (b) of Rule (2) of the Government of India Notification No. GSR. 381(E) dated 3 rd May, 2000, "Drawal" includes use of International Credit Cards, International Debit Cards, ATM cards etc. It is, therefore, clarified that use of these instruments is also subject to the restrictions imposed under the Notification. Further, in terms of clause (h) of Section 2 of Foreign Exchange..."
Attachments: Attachment
Foreign Exchange Management Act , 1999 Foreign Travel — November 16, 2000 | 8 downstream refs
"The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act 1999 (42 of 1999) and any contravention or non-observance thereof is subject to the penalties prescribed under the Act. Yours faithfully K. J. UDESHI Chief General Manager"
Attachments: Attachment
Foreign Exchange Management Act, 1999 – — January 6, 2001 | 5 downstream refs
"The directions contained in this circular have been issued under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999). Any contravention or non-observance of these directions is subject to the penalties prescribed under the Act. Yours faithfully, K. J. UDESHI Chief General Manager"
Attachments: Attachment
Foreign Exchange Management Act, 1999- — February 22, 2001 | 5 downstream refs
"In consultation with the Government of India it has now been decided that the facility to FIIs/NRIs/OCBs and FVCIs to purchase shares or convertible debentures of an Indian Company which is engaged in the print media sector should be withdrawn . Accordingly, the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 have been amended vide..."
Attachments: Attachment
Establishment of Branch Offices/Units in Special Economic Zones - A.P (DIR Series) Circular No.58%20Regulations,%202000) — March 30, 2001 | 7 downstream refs