Form A2 remittances: authorised dealers’ internal guidelines can now be approved by a Board committee or management committee, says RBI
RBI has modified its July 2024 circular on online submission of Form A2. Authorised dealers may now frame their internal guidelines for outward remittances with the approval of the Board or of any Board Committee / Management Committee to which the Board has delegated powers. All other instructions of the 2024 circular remain unchanged.
Key facts
- Published
- 1 October 2026
- Section
- FEMA & RBI
- What it is
- Relief
- In force
- Circular dated 1 October 2026
- Who it affects
- AD Category I banks, AD Category II entities, their compliance and forex teams
In 30 seconds
- A.P. (DIR Series) Circular No. 23 (RBI/2026-27/279) is dated 1 October 2026 and is addressed to all Authorised Dealers in Foreign Exchange.
- It concerns paragraph 3 of A.P. (DIR Series) Circular No. 12 dated 3 July 2024 on “Online submission of Form A2: Removal of limits on amount of remittance”.
- Under that paragraph, AD Category I banks and AD Category II entities were to frame internal guidelines with the approval of their Board.
- Now the approval can come from the Board or from any Board Committee / Management Committee to which the Board has delegated powers.
- All other instructions in the 2024 circular remain unchanged.
हिंदी में सार
RBI ने A.P. (DIR Series) Circular No. 23 (1 अक्टूबर 2026) से Form A2 के ऑनलाइन/भौतिक सबमिशन पर विदेशी मुद्रा भेजने से जुड़े आंतरिक दिशानिर्देशों की मंज़ूरी का नियम बदला है। पहले ये दिशानिर्देश Authorised Dealer के बोर्ड से मंज़ूर होने थे; अब बोर्ड या बोर्ड द्वारा अधिकार-प्राप्त कोई Board Committee / Management Committee भी इन्हें मंज़ूर कर सकती है। 3 जुलाई 2024 के सर्कुलर की बाक़ी सभी हिदायतें जस की तस हैं।
Before and now
The Board of the authorised dealer (paragraph 3 of A.P. (DIR Series) Circular No. 12 dated 3 July 2024).
The Board, or any Board Committee / Management Committee to which powers have been delegated by the Board.
What RBI has changed
By A.P. (DIR Series) Circular No. 23 dated 1 October 2026 (RBI/2026-27/279), the Reserve Bank of India has revisited one requirement in its earlier circular on online submission of Form A2.
That earlier circular — A.P. (DIR Series) Circular No. 12 dated 3 July 2024, titled “Online submission of Form A2: Removal of limits on amount of remittance” — advised Authorised Dealer (AD) Category I banks and AD Category II entities, in its paragraph 3, to frame appropriate internal guidelines with the approval of their Board. The guidelines are for facilitating outward forex remittances on the basis of online or physical submission of Form A2 and other related documents.
On a review, RBI has now decided that authorised dealers shall frame these internal guidelines with the approval of their Board or any Board Committee / Management Committee to which powers have been delegated by the Board.
At a glance
| Point | Position |
|---|---|
| Circular | RBI/2026-27/279, A.P. (DIR Series) Circular No. 23, dated 1 October 2026 |
| Addressed to | All Authorised Dealers in Foreign Exchange |
| Provision modified | Paragraph 3 of A.P. (DIR Series) Circular No. 12 dated 3 July 2024 |
| Earlier | Internal guidelines to be approved by the Board |
| Now | Approval by the Board, or by a Board Committee / Management Committee holding delegated powers |
| Everything else in the 2024 circular | Unchanged |
What has not changed
The circular says in terms that all other instructions issued by A.P. (DIR Series) Circular No. 12 dated 3 July 2024 remain unchanged. The new circular does not set, revise or restore any limit on the amount of remittance; it deals only with who inside the authorised dealer may approve the internal guidelines.
Legal basis
The directions are issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999, and are without prejudice to permissions or approvals, if any, required under any other law.
What authorised dealers and remitters should do
- AD Category I banks and AD Category II entities: where the Board has delegated powers to a Board Committee or Management Committee, that committee can now approve the internal guidelines on Form A2 based remittances. The Board can continue to do so as well.
- Constituents: RBI has asked authorised dealers to bring the contents of the circular to the notice of their constituents. For a person making an outward remittance, the circular itself changes nothing in the Form A2 process; the remaining instructions of the 2024 circular continue.
Questions and answers
What does A.P. (DIR Series) Circular No. 23 of 1 October 2026 change?
It changes who approves an authorised dealer’s internal guidelines on outward remittances made on the basis of Form A2. Earlier the Board had to approve them; now the Board or any Board Committee / Management Committee to which the Board has delegated powers can do so.
Does the circular change any remittance limit?
No. The circular says all other instructions of A.P. (DIR Series) Circular No. 12 dated 3 July 2024 remain unchanged. It deals only with the approving authority for the internal guidelines.
Who is covered?
Authorised Dealer Category I banks and AD Category II entities. The circular is addressed to all Authorised Dealers in Foreign Exchange.
Under which law is it issued?
Under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999, without prejudice to permissions or approvals required under any other law.
Published 1 October 2026. Updated 5 October 2026. This report is for general information and is not professional advice. Read the source document before acting on it.