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I. FEMA
1. RBI issues framework for outward remittance services by non-bank entities through AD Category-I banks
Para 10 of the Master Direction – ‘Miscellaneous’ which provided a framework under which non-bank entities could obtain specific approval from RBI for tie-up arrangements with Authorised Dealers (AD) for facilitating international money transfers through third-party digital platforms has been deleted. The AD is now responsible to comply with instructions furnished in Annex to the Circular while facilitating cross-border outward remittance of funds for non-trade current account transactions using third party entity in online mode. To protect consumers, the third-party interface must prominently display the AD's name, role, and category, the quoted foreign exchange (FX) rate with its timestamp and validity, a transparent breakdown of the total estimated transaction costs (separately outlining the interbank rate, mark-up, and service charges), the exact foreign exchange amount to be credited, the maximum credit timeline, and grievance contact details.
(A.P. (DIR Series 2026-27) Circular No.10, dated 13th May 2026)
2. AD Category-I banks must submit monthly BO/LO/PO and NRO remittance returns
