In exercise of the powers conferred by Section 47 of the Foreign

In exercise of the powers conferred by Section 47 of the Foreign Exchange Management Act

The Gazette of India

CG-MH-E-13062026-273444

EXTRAORDINARY

PART III—Section 4

PUBLISHED BY AUTHORITY

No. 398] NEW DELHI, SATURDAY, JUNE 13, 2026/JYAISTHA 23, 1948

RESERVE BANK OF INDIA
(Foreign Exchange Department)
(CENTRAL OFFICE)
NOTIFICATION
Mumbai, the 13th June, 2026

Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) (Amendment)
Regulations, 2026

No. FEMA. 395(4)/2026-RB.— In exercise of the powers conferred by Section 47 of the Foreign Exchange
Management Act, 1999 (42 of 1999), the Reserve Bank of India hereby makes the following amendments to the Foreign
Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations, 2019 [Notification
No. FEMA.395/2019-RB dated October 17, 2019] (hereinafter referred to as ‘the Principal Regulations) namely:-

1. Short Title & Commencement
(i) These Regulations may be called the Foreign Exchange Management (Mode of Payment and Reporting of NonDebt Instruments) (Amendment) Regulations, 2026.
(ii) They shall come into force from the date of their publication in the Official Gazette.

2. In the principal regulations, in regulation 3.1, for the existing provision at Sl. No. III and X, the following shall
be substituted, namely :

In exercise

3. Amendment to Regulation 4 of the Principal Regulations
In sub-regulation (9) of Regulation 4 of the Principal Regulations, the existing provision shall be substituted by the
following, namely:

“LEC(Individual Foreign Investor – IFI): The designated Authorised Dealer Category I banks shall report to the
Reserve Bank in Form LEC (IFI) the purchase / transfer of equity instruments by an individual person resident outside
India including Non-Resident Indians or Overseas Citizens of India on stock exchanges in India”.

ROHIT P. DAS, Regional Director
[ADVT.-III/4/Exty./167/2026-27]

Foot Note:
The Principal Regulations were published in the Official Gazette of Government of India vide G.S.R.No.795(E) dated
17.10.2019 in Part II, Section 3, sub-Section (i) and subsequently amended, vide:

1. Notification no. FEMA 395(1)/2020-RB [Foreign Exchange Management (Mode of Payment and Reporting
of Non-Debt Instruments) (Amendment) Regulations, 2020] dated June 15, 2020, published in the Gazette of
India [Extraordinary, Part III–Section 4], vide Gazette ID CG-MH-E-19062020-220016 dated 18.06.2020.

2. Notification no. FEMA 395(2)/2024-RB [Foreign Exchange Management (Mode of Payment and Reporting
of Non-Debt Instruments) (Amendment) Regulations, 2024] dated April 19, 2024, published in the Gazette of
India [Extraordinary, Part III–Section 4], vide Gazette ID CG-MH-E-23042024-253830 dated 23.04.2024.

3. Notification No. FEMA 395(3)/2025-RB [Foreign Exchange Management (Mode of Payment and Reporting
of Non- Debt Instruments) (Third Amendment) Regulations, 2025] dated January 15, 2025 published in the
Gazette of India [Extraordinary, Part III–Section 4], vide Gazette ID CG-MH-E-15012025-260259 dated
15.01.2025.

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