Master Directions

The Reserve Bank of India has started issuing Master Directions on all regulatory matters beginning January 2016. The Master Directions consolidate instructions on rules and regulations framed by the Reserve Bank under various Acts including banking issues and foreign exchange transactions. The process of issuing Master Directions involves issuing one Master Direction for each subject matter covering all instructions on that subject. Any change in the rules, regulation or policy is communicated during the year by way of circulars/press releases. The Master Directions will be updated suitably and simultaneously whenever there is a change in the rules/regulations or there is a change in the policy. All the changes will get reflected in the Master Directions available on the RBI website along with the dates on which changes are made. Explanations of rules and regulations will be issued by way of Frequently Asked Questions (FAQs) after issue of the Master Directions in easy to understand language wherever necessary. The existing set of Master Circulars issued on various subjects will stand withdrawn with the issue of the Master Direction on the subject.

Foreign Exchange Management
Mar 26, 2019
Master Direction - External Commercial Borrowings, Trade Credits and Structured Obligations (Updated as on September 30, 2022) (Supersedes Master Direction - External Commercial Borrowings, Trade Credit, Borrowing and Lending in Foreign Currency by Authorised Dealers and Persons other than Authorised Dealers (Updated as on November 22, 2018))PDF document 837 kb
Jan 04, 2018
Master Direction – Foreign Investment in India (Updated up to March 17, 2022)PDF document 411 kb
Feb 23, 2017
Master Direction – Money Transfer Service Scheme (MTSS)PDF document 73 kb
Nov 17, 2016
Master Direction - Insurance (Updated as on December 07, 2021)PDF document 146 kb
Jan 04, 2016
Master Direction - Establishment of Branch Office (BO)/ Liaison Office (LO)/ Project Office (PO) or any other place of business in India by foreign entities (Updated as on May 18, 2021)PDF document 317 kb
Master Direction- Compounding of Contraventions under FEMA, 1999 (Updated as on May 24, 2022)PDF document 245 kb
Master Direction – Borrowing and Lending transactions in Indian Rupee between Persons Resident in India and Non-Resident Indians/ Persons of Indian OriginPDF document 140 kb
Master Direction - Liberalised Remittance Scheme (LRS) (Updated as on August 24, 2022)PDF document 710 kb
Master Direction - Other Remittance Facilities (Updated as on November 6, 2018)PDF document 285 kb
Master Direction – Acquisition or Transfer of Immovable Property under Foreign Exchange Management Act, 1999 (Updated as on September 01, 2022)PDF document 269 kb
Master Direction - Remittance of Assets (Updated as on April 28, 2016)PDF document 287 kb
Master Direction - Deposits and Accounts (Updated as on January 9, 2020)PDF document 553 kb
Master Direction – Import of Goods and Services (Updated as on November 21, 2022)PDF document 814 kb
Master Direction – Reporting under Foreign Exchange Management Act, 1999 (Updated as on September 30, 2022)PDF document 2647 kb
Master Direction - Miscellaneous (Updated as on November 12, 2018)PDF document 190 kb
Master Direction – Opening and Maintenance of Rupee/Foreign Currency Vostro Accounts of Non-resident Exchange Houses (Updated as on December 22, 2022)PDF document 221 kb
Master Direction – Export of Goods and Services (Updated as on November 22, 2022)PDF document 379 kb
Master Direction - Money Changing Activities (Updated as on March 4, 2022)PDF document 267 kb