RBI notifies 2026 rules for FEMA-authorised persons
FEMA-authorised FX providers must replace old AP procedures with 2026 rules
Change
RBI notified the Foreign Exchange Management (Authorised Persons) Regulations, 2026 through FEMA 401/2026-RB, published in the Official Gazette on May 6, 2026, and amended money-changing and remittance directions.
Why it matters
The notification resets the operating rulebook for entities authorised under FEMA to provide foreign exchange services. Authorised persons must now apply the 2026 regulations and stop relying on the superseded A.P. (DIR Series) circulars listed in Annex II.
Implications
- — FEMA-authorised persons must map their authorisation, service scope and compliance controls to the 2026 regulations — operating under the previous authorisation framework misstates the applicable RBI rulebook.
- — Money-changing and remittance procedure owners must update internal manuals, branch instructions and staff guidance to match the amended Master Directions — old circular references now point to superseded requirements.
Who is affected
- — FEMA-authorised foreign exchange service providers
- — Money-changing compliance teams
- — Remittance facility policy and procedure owners