The Reserve Bank of India (RBI) vide Circular No. RBI/2022-23/69 A.P. (DIR Series) Circular No.05 dated June 09, 2022 issued the “Discontinuation of Return under Foreign Exchange Management Act, 1999”.
In relation to the A.P.(DIR series) Circular No.26, dated February 18, 2022, wherein authorised persons were advised about proposed discontinuation of the return “Details of guarantee availed and invoked from non-resident entities”.
Reference may be drawn to A.P. (DIR series) circular No 20, dated August 29, 2012, Master Direction – External Commercial Borrowings, Trade Credits and Structured Obligations dated March 26, 2019 and the Master Direction – Reporting under Foreign Exchange Management Act, 1999 dated January 01, 2016. RBI has now decided to discontinue the above return, with effect from the quarter ending June 2022. The above mentioned Master Directions are being updated to reflect these changes.
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For further information, please contact:
Vineet Aneja, Partner, Clasis Law
vineet.aneja@clasislaw.com
