RBI Revises ECB Reporting Framework under FEMA Master Direction: New Return Forms Notified

The Reserve Bank of India (RBI) has released an official circular [A.P. (DIR Series) Circular No. 23], dated February 18, 2026, regarding Reporting under the Foreign Exchange Management Act, 1999—Returns belonging to External Commercial Borrowing (ECB).

Through this circular, the central bank seeks to draw the attention of all authorised persons to the Master Direction-Reporting under the Foreign Exchange Management Act, 1999. The RBI has issued the Foreign Exchange Management (Borrowing and Lending) (First Amendment) Regulations, 2026, dated February 09, 2026 (published in the official gazette on February 16, 2026), to revise the External Commercial Borrowing (ECB) framework.

The return forms for ECB, as prescribed under the Master Direction mentioned above, have been updated to reflect the revised ECB Framework. Part V – Annex I and Part V – Annex II of the Master Direction – Reporting under the Foreign Exchange Management Act, 1999, will be replaced with the format prescribed at Annex I (Form ECB 1 / Revised Form ECB 1) and Annex II (Form ECB 2) to this circular, respectively.

The bank has requested all the authorised persons to make the details of the present circular known to all their concerned customers/constituents. The directions in the present circular have been issued under sections 10(4), 11(1), and 11(2) of the Foreign Exchange Management Act, 1999 (42 of 1999). These directions do not replace or remove the need to get any other permissions or approvals that may be required under any other law.

The aforesaid directions have already come into effect with the issue of the present circular.