Foreign Exchange Management Manual with FEMA and FDI Ready Reckoner & FEMA Case Laws Digest (Set of 2 Vols.) – 47th Edition 2026

Foreign Exchange Management Manual is a comprehensive, two-volume reference designed to present India’s foreign exchange law as it operates in practice—by integrating the Foreign Exchange Management Act 1999 (FEMA) with its layered ecosystem of Rules, Regulations, Notifications, RBI Master Directions, operational instructions, prescribed reporting formats, and interpretive guidance. The Manual is built around FEMA’s central objective of facilitating external trade and payments while promoting the orderly development and maintenance of the foreign exchange market, and it is structured to help professionals move seamlessly from the ‘rule’ to the ‘practical compliance’. This Edition is purposefully positioned as:

• Primary Law & Regulatory Compendium (Volume 1), and
• Practice-focused Reference (Volume 2) comprising a structured FEMA & FDI Ready Reckoner, a section-wise Case Laws Digest, and a consolidated RBI circulars/clarifications repository, enabling quick transition from statutory text to transaction-level decision-making, documentation, compliance and precedent

This set is designed for users who require precision in legal interpretation along with speed and certainty in execution, including:

• Corporate Legal & Secretarial Teams, CFOs, Treasurers handling inbound/outbound cross-border transactions, investment structures, remittances, borrowings, repatriation and reporting
• Compliance, Risk & Governance Professionals across banks, NBFCs and corporates responsible for controls, monitoring, internal policies, and audit readiness
• Authorised Dealer (AD) Banks, Forex Desks, & Operations Teams managing day-to-day forex transactions, customer documentation, and regulatory submissions
• Chartered Accountants, Company Secretaries, Cost Accountants & Audit Teams engaged in advisory, certifications, due diligence, FEMA reviews and regulatory filings
• Lawyers & Litigators working on contraventions, compounding, adjudication, enforcement and appellate matters
• Consultants & Advisors dealing with FDI/ODI, LRS, trade-related forex regulations, reporting architecture, and allied regimes

The Present Publication is the 47^th Edition | 2026, amended up to 5^th December 2025. This book is edited/authored by Taxmann’s Editorial Board, with the following noteworthy features:

• [Two-volume Law & Practice Architecture]
  • Volume 1 consolidates FEMA’s statutory and regulatory instruments and core RBI directions, serving as the authoritative legal base
  • Volume 2 accelerates day-to-day application through a topic-first Ready Reckoner, with dedicated divisions for case law and RBI circulars/clarifications
• [Updated Legal Position] The Edition supports readers in a regime shaped by frequent amendments and regulatory updates
• [Strong Reporting & Operational Utility] The Manual is designed to state the law and to support execution—by incorporating reporting frameworks, prescribed returns, and practical annexures used in day-to-day FEMA compliance (including trade reporting and technology/export reporting formats)
• [Coverage of FEMA and Rule Framework] The content navigates the readers to the governing frameworks that drive contemporary cross-border transactions, particularly those relevant to FDI/ODI structuring and compliance, including rule-based and regulation-based instruments that define what is permitted, how it is reported, and who can execute it
• [Compounding & Enforcement-ready] The set includes the procedural and documentary layer relevant to contraventions and compounding, making it useful for both preventive compliance and remedial/representation work
• [Ready Reckoner] Volume 2’s Ready Reckoner is chapterised to cover the complete lifecycle of forex and cross-border transactions, from remittances and trade, to investments, borrowings, reporting and contraventions, so readers can quickly locate conditions, restrictions, permissions, and compliance actions
• [Case Law Digest] A dedicated division provides section-wise digests, allowing users to promptly locate judicial interpretation relevant to definitions, permissions, contraventions, procedural safeguards and enforcement themes
• [RBI Circulars & Clarifications] The circulars/clarifications repository enables users to trace regulatory evolution, locate legacy instructions, and understand how circular-driven compliance has been consolidated over time
• [Exchange Control Manual (ECM) Reference] The inclusion of ECM extracts and related procedural context supports users dealing with legacy matters, transitional issues and historical documentation practices, particularly where older frameworks remain relevant to understanding execution and interpretation

The coverage of the book is as follows:

• Volume 1 — FEMA | Primary Law, Subordinate Legislation, Directions & Operational Instructions
  • Volume 1 operates as the core regulatory repository, bringing together the instruments that collectively drive FEMA compliance:
    • The FEMA Act 1999, with its enabling purpose and interpretive scaffolding
    • Rules/Regulations and definitional architecture supporting classification and compliance decisions (e.g., instruments, investments, overseas activities)
    • Notifications, including supersessions and updates, are critical because permissions, exceptions and procedures often move through the notification architecture
    • RBI Master Directions consolidated by topic, supporting uniform implementation by authorised persons, banks and regulated entities
    • Prescribed formats and reporting annexures supporting execution-level compliance without separate sourcing
    • Compounding and contravention handling, including the procedural and application layer
    • Memorandum of Instructions for specialist transaction categories (e.g., project/service exports and settlement mechanisms such as ACU)
    • Coverage of allied and adjacent regimes frequently encountered in cross-border flows (including foreign contribution and AML-linked frameworks)
• Volume 2 — FEMA & FDI Ready Reckoner, Case Laws Digest, RBI Circulars & Clarifications
  • FEMA & FDI Ready Reckoner (55 chapters)
    • A topic-first, transaction-oriented guide covering, inter alia:
      • LRS and current account transactions
      • Accounts, forex dealings, and export/import compliance and repatriation
      • NRI/OCI provisions and capital account transactions
      • Foreign investment in India (including portfolio routes), downstream themes, and investment structuring
      • Borrowing/lending, ECB, trade credit and structured obligations
      • Property acquisition (India/abroad), remittance of assets
      • Branch/liaison/project office compliance for foreign entities
      • Reporting under FEMA and compounding
      • Advanced operational areas such as risk management/inter-bank dealings, and derivatives
      • Linked regimes and institutional frameworks relevant to FEMA practice (including enforcement-linked overlaps)
  • FEMA Case Laws Digest
    • Section-wise digests supporting faster identification of precedent and interpretive outcomes
  • RBI Circulars & Clarifications
    • A consolidated repository, structured to support current and legacy reference and to help users identify the operative position
  • Appendices (including ECM references)
    • Practical and legacy support material, including ECM extracts and procedural context

The structure of the book is as follows:

• Volume 1 is designed as a deep legal reference across FEMA’s architecture, definitions, core provisions, subordinate rules/regulations, notifications and RBI directions, supported by indexing for rapid retrieval
• Volume 2 is designed for workflow and speed, through a 55-chapter Ready Reckoner plus distinct divisions for case law and RBI instructions, maintaining clear separation between:
  • What the law provides
  • How it is interpreted by courts/tribunals
  • How it is administered through RBI operational guidance
• Navigation Aids (Contents, Acronyms, Indexes) are used to compress lookup time and support transaction-level use