Operating framework for facilitating Outward Remittance services by non-bank entities through Authorized Dealer (Category I) banks in India
UR
- Applies toAll regulated entities
- StatusIn force
- IssuedMay 13, 2026
- Amendmentsnone tracked
- Length14 points in 3 sections · 2 min read
The four dates on this rule
- PublishedMay 13, 2026The day RBI put this document out. This is the same day as the Issued date on this rule.
- Starts to applyMay 13, 2026The day this rule starts to apply, as RBI's own text states it.
- Time to get readyNoneIt starts to apply on the day it was published.
- Last date to actNot statedNo date to act by was found in this document. Other dates may sit inside single paragraphs.
This rulebook is short, and the page is short with it. This document is 1925 words long. It states 15 separate rules. So the page carries 15 points, not the thirty a long rulebook carries. Nothing has been left out to make it shorter.
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Show me the points for
Nothing is removed from the page.
Show me the points about
13 of the 14 points name no product and bind every product. All products.
What it says
How firm is each point
Stated by RBI — RBI’s own paragraph says this. We have only made it plainer.
Our reading — BankPulse read RBI’s paragraph and shortened it. The paragraph is the authority, not this line.
Needs judgement — RBI leaves this to the bank to settle, so nobody can give you a fixed number here.
Do it
1. Show FX rate and validity
The dealer must display the exchange rate, time stamp and how long that rate stays valid for the deal.
2. Disclose full transaction cost
The dealer must show total estimated cost with clear split of rate, service fee and any other charge.
3. Give grievance contact details
The dealer must display grievance officer contact details and time lines for resolving disputes.
4. Invoice for every transaction
The dealer must ensure the third party issues an invoice to the customer for each transaction.
5. Invoice break up of amounts
Each invoice must clearly break the final amount into rate, mark up, service charge and any other third party charge.
6. Invoice must show remitted amounts
Each invoice must show what the remitter paid and what the beneficiary will receive.
7. Invoice must show max time
Each invoice must state the maximum hours needed to credit the beneficiary account.
8. Invoice must name the dealer
Each invoice must name the dealer that quoted the exchange rate.
9. Publish data storage policy
Dealers must clearly display their customer data storage policy, purpose and storage period on their website.
10. Third party privacy policy
The third party must have a clear privacy policy, legal compliant, public and easy to access.
11. Grievance redressal framework
Dealers must keep a formal grievance redress system that meets Reserve Bank of India rules.
12. Internal policy for tie ups
Dealers must have an internal policy for such third party tie ups, focused on service, protection and transparency.
Background
1. Master Direction para deleted
Paragraph 10 of the Miscellaneous Master Direction is removed from now on.
2. Bank to bank only
Remittances are allowed only when money starts from remitter bank account and ends in beneficiary bank account.