No longer current — replaced by Master Direction – Financial Markets Regulation Department (FMRD) – Directions
Source: Reserve Bank of India · RBI/2022-23/41 · issued 02 May 2022 · ~1 min read
Quick answerRBI has withdrawn eight outdated circulars effective from close of business on May 2, 2022, covering Ready Forward contracts, Primary Dealer access to call money, and NCD issuance. This is part of the RRA 2.0 clean-up to simplify regulations.
What changed
RBI withdrew eight circulars listed in the annex, effective from close of business on May 2, 2022. The withdrawn circulars relate to Ready Forward contracts (March 2000, March 2002, March 2003, July 2010), Primary Dealers' access to call/notice money (November 2003), and issuance of Non-Convertible Debentures (June 2010, December 2010, December 2010).
What it means for you
Banks and market participants no longer need to comply with these specific older circulars, reducing regulatory clutter. This simplifies compliance for transactions like Ready Forward contracts and NCD issuance, as the underlying rules are now covered by more recent master directions.
Historical instruction — do not use for current compliance. This is what was required at the time; it no longer reflects current RBI requirements. If no replacement rule is linked above, that only means none is recorded on our register yet — it does not prove no later applicable rule exists. Confirm on the official RBI source below.
What banks were required to do at the time
Verify that your internal policies no longer reference the eight withdrawn circulars listed in the annex.
Update compliance checklists and training materials to remove these circulars.
Ensure staff handling money market and debt instruments are aware of the current applicable regulations.
Monitor for any further RRA 2.0 circular withdrawals that may affect your operations.
Who it affects
All eligible market participants, Banks dealing in Ready Forward contracts, Primary Dealers, Entities issuing Non-Convertible Debentures
❓ Common questions
Regulatory timeline
Decoded by BankPulse2026-06-18 06:17 IST
Superseded by — Master Direction – Financial Markets Regulation Department (FMRD) – Directions
Status change: superseded03 Aug 2026, 04:00 IST
Built from our lineage records — each fact carries its provenance; missing history simply is not shown (never guessed).
Which specific circulars were withdrawn?
Eight circulars were withdrawn, including those on Ready Forward contracts (March 2000, March 2002, March 2003, July 2010), Primary Dealers' access to call/notice money (November 2003), and issuance of Non-Convertible Debentures (June 2010, December 2010, December 2010).
Why did RBI withdraw these circulars?
This is part of the Regulations Review Authority (RRA 2.0) initiative to simplify and streamline regulations by removing outdated or redundant circulars.
Do I need to take any immediate action?
Yes, update your internal compliance references to remove these circulars and ensure your teams follow current regulations for Ready Forward contracts and NCD issuance.
📜 This document’s life story (1 recorded event, each backed by RBI’s own words)
Superseded byMaster Direction – Financial Markets Regulation Department (FMRD) – Directions
📜 Read the original circular — full text as issued by RBI
RBI/2022-23/41
FMRD.DIRD.01/14.03.059/2022-23
May 02, 2022
To
All Eligible Market Participants
Madam / Sir
Regulations Review Authority (RRA 2.0) – Interim Recommendations – Withdrawal of Circulars
Please refer to the Press Release dated May 02, 2022 issued on the captioned subject.
2. The circulars listed in the Annex are withdrawn with effect from close of business today.
Yours faithfully
(Dimple Bhandia)
Chief General Manager
Encl: As above
Annex
List of Circulars withdrawn
Sr No.
Reproduced for reference with acknowledgment — Source: Reserve Bank of India · RBI/2022-23/41 · issued 02 May 2022. The plain-English explanation above is BankPulse’s own independent summary.
Discuss this circular with fellow bankers — reply, upvote what helps, report what doesn’t belong. Be professional; no client data. Views are the commenter’s own, not BankPulse’s.
BankPulse Compliance Evidence Pack — generated 03 Aug 2026 · status cross-checked against RBI’s official withdrawal register (refreshed weekly). Official RBI source: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=12308&Mode=0 — Plain-English summary by BankPulse (bankpulse.ai), reviewed by our expert reviewer, CA Amit Jain. Independent platform, not affiliated with the Reserve Bank of India; is our own plain-English paraphrase, not RBI’s original wording.
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