Amendment to Foreign Exchange Management Non Debt Instrument Rules 2019

REGD. No. D. L.-33004/99 The Gazette of India CG-DL-E-03092026-275964 EXTRAORDINARY PART II—Section 3—Sub-section (ii) PUBLISHED BY AUTHORITY No. 4683] NEW DELHI, THURSDAY, SEPTEMBER 3, 2026/BHADRA 12, 1948 MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 2nd September, 2026 S.O. 4870(E). — In exercise of the powers conferred by clauses (aa) and (ab) of sub-section (2) of section 46 of the Foreign Exchange Management Act, 1999 (42 of 1999), the Central Government hereby makes the following rules further to amend the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, namely: — 1. (1) These rules may be called the Foreign Exchange Management (Non-debt Instruments) (Fourth Amendment) Rules, 2026. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Foreign Exchange Management (Non-debt Instruments) Rules, 2019, in Schedule I, in the Table, after serial number 15.2.4 and the entries relating thereto, the following serial number and entries shall be inserted namely: - "15.2.5 (a) An e-commerce entity is permitted to engage in inventory-based model of e-commerce exclusively for the export of goods or products manufactured or produced in India in accordance with the provisions of the Foreign Trade Policy 2023 read with the Handbook of Procedures (HBP) and the Foreign Exchange Management (Export of Goods & Services) Regulations, 2015. (b) The restrictions on Business to Consumer(B2C) and the inventory-based model of e- commerce stipulated under the provisions from serial number 15.2.1 to 15.2.4 above, shall not apply to the export of goods or products through e-commerce as permitted under clause (a)." [F.No. 1/4/2026-EM] Dr. Alok Tiwari, Jt. Secy. Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, section 3, sub- section (ii), vide number S.O.3732 (E), dated the 17th October, 2019 and subsequently amended vide notification numbers: - (i) S.O. 4355 (E), dated the 5th December 2019; (ii) S.O. 1278 (E), dated the 22nd April, 2020; (iii) S.O. 1374 (E), dated the 27th April, 2020; (iv) S.O. 2442 (E), dated the 27th July, 2020; (v) S.O. 4441 (E), dated the 8th December, 2020; (vi) S.O. 3206 (E), dated the 9th August, 2021; (vii) S.O. 3411 (E), dated the 19th August, 2021; (viii) S.O. 4091 (E), dated the 5th October 2021; (ix) S.O. 4242 (E), dated the 12th October 2021; (x) S.O. 1802 (E), dated 12th April 2022; (xi) S.O. 332 (E), dated 24th January 2024; (xii) S.O. 1361 (E), dated 14th March 2024; (xiii) S.O. 1722 (E), dated 16th April 2024; (xiv) S.O. 3492 (E), dated 16th August 2024; (xv) S.O. 2549 (E), dated 11th June 2025; (xvi) S.O. 2174(E), dated 1st May 2026 and published on 2nd May 2026; (xvii) S.O. 2186(E) dated 2nd May 2026; (xviii) S.O. 3030 (E) dated 12th June 2026; Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.