Statement on the major feedback received on the draft circular is provided in the Annex.
The directions at para 3 of the guidelines shall be effective six months from the date of this circular, i.e. Oct. 9, 2026.
In Sep. 2026, IND FXA aligned forex rules with cross-border payment guidelines, see #311717.
On Oct. 29, IND RBI drafted guide for faster cross-border payments.
IND RBI drafted circular on Guidelines to facilitate faster cross-border inward payments, for timely intimation of payment data and credit to a beneficiary’s account.
Outline of Draft Circular
Banks shall inform their customer of the receipt of cross-border inward transactions immediately; message received after close of operating hours of individual banks shall be informed to the customer immediately at the start of the following business day.
Banks should undertake reconciliation/confirmation of credit in a nostro account on near real time basis/at periodic intervals; interval should not exceed 30 minutes.
Banks shall endeavor to credit the inward payments received during the foreign exchange market hours within the same business day to the beneficiary’s account.
Credit the inward payments received after market hours on the next business day, subject to compliance with the existing Foreign exchange regulation act (FEMA).
Based on their risk assessment and FEMA guidelines, banks may put in place a straight-through process for crediting inward payments to the account of individual residents.
Banks may, within a reasonable time frame, provide digital interface to their customers to facilitate forex transactions, including document submission, transaction monitoring.
