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The Reserve Bank of India issues the Foreign Exchange Management (Manner of Receipt and Payment) (Amendment) Regulations, 2025 to amend the Principal Regulations of 2023. The amendment applies to member countries of the Asian Clearing Union, except Nepal and Bhutan. Residents use the Asian Clearing Union mechanism or directions from the Reserve Bank for payments between participant countries. The regulations come into force on the date of publication in the Official Gazette.
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RESERVE BANK OF INDIA (FOREIGN EXCHANGE DEPARTMENT) CENTRAL OFFICE MUMBAI 400 001
Notification No. FEMA 14(R)(1)/2025-RB
February 10, 2025
Foreign Exchange Management (Manner of Receipt and Payment) (Amendment) Regulations, 2025
In exercise of the powers conferred by section 47 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Reserve Bank makes the following amendment in the Foreign Exchange Management (Manner of Receipt and Payment) Regulations, 2023 (Notification No. FEMA 14(R)/2023-RB dated December 20, 2023) (hereinafter referred to as 'the Principal Regulations'), namely:-
"(ii) Member countries of ACU, other than Nepal and Bhutan – In respect of payments from a resident in the territory of one participant country to a resident in the territory of another participant country, through ACU mechanism, or as per the directions issued by the Reserve Bank to authorised dealers from time to time. For all other transactions, receipt and payment may be made in a manner as specified at (iii) below."
(Dr Aditya Gaiha) Chief General Manager-in-Charge
Foot Note: The Principal Regulations were published in the Official Gazette vide Notification No. FEMA 14(R)/2023-RB dated December 20, 2023 (published on December 21, 2023) in Part III, Section 4
