Regulatory Referencer

1. Govt. amends FEM (NDI) Rules; allows inventory-based e-commerce entities to export goods manufactured or produced in India Central Government has amended the FEMA (Non debt Instruments) Rules, 2019 to permit an e-commerce entity to undertake an inventory-based model of e-commerce, exclusively for goods or products manufactured or produced in India, in accordance with the Foreign Trade Policy 2023 read with Handbook of Procedures and FEMA Export of Goods & Services Regulations, 2015. The existing restrictions on Business to Consumer (B2C) transactions and inventory-based e-commerce as specified in serial numbers 15.2.1 to 15.2.4 will not apply to such export of goods or products. (Notification No. S.O. 4870(E). [F.NO. 1/4/2026-EM], dated 2nd September 2026) (A.P. (DIR Series 2026-27) Circular No. 20 dated 2nd September 2026) 2. RBI withdraws seven superseded FEMA circulars as part of regulatory rationalisation The Reserve Bank of India (RBI) formally withdrew seven obsolete or superseded circulars under the Foreign Exchange Management Act, 1999 (FEMA) as part of its ongoing regulatory cleanup – most of them to do with External Commercial Borrowings – regulations for which were recently amended substantially. (A.P. (DIR Series 2026-27) Circular No. 21, dated 8th September 2026)