Forex Facilities for Individuals (FEFI) Syllabus 2026 + Free PDF
The Forex Facilities for Individuals (FEFI) syllabus covers everything an individual needs to know about dealing in foreign exchange under FEMA - the facilities available to residents, the rules for Non-Resident Indians, and the practical compliance around remittances, accounts and travel. This IIBF certification from the Indian Institute of Banking & Finance (IIBF) is ideal for bankers at forex desks, relationship managers and anyone advising customers on outward remittances or NRI banking. This exhaustive guide maps the complete Forex Facilities for Individuals syllabus for 2026 topic-by-topic, flags the figures that change often, and links you to free tests, one-liners, notes and games. You can also download the official syllabus PDF below.
📥 Download the Full FEFI Syllabus (PDF)
The complete, exam-ready Forex Facilities for Individuals syllabus in one PDF - keep it open while you plan your study weeks.
Download FEFI Syllabus PDF →What is the Forex Facilities for Individuals (FEFI) Course?
FEFI is a focused IIBF certification that builds practical expertise in the foreign-exchange facilities available to individuals under the Foreign Exchange Management Act (FEMA), 1999. It covers what a resident individual can and cannot do - from travel and education remittances to the Liberalised Remittance Scheme (LRS) - and the parallel set of rules that apply to Non-Resident Indians, including NRE, NRO, FCNR(B) and RFC accounts.
The course is well-suited to branch staff, forex officers, relationship managers and customer-facing bankers who handle remittances, NRI accounts and travel-related forex. It turns a tangle of RBI Master Directions and FEMA regulations into a clear, usable framework for serving individual customers correctly and compliantly.
FEFI Exam Pattern at a Glance
The Forex Facilities for Individuals examination is an objective, MCQ-based test delivered through IIBF's online mode. Questions are application- and scenario-oriented - you will be asked which account or scheme fits a given customer situation, or what compliance is triggered - rather than simple definition recall. Conceptual clarity on the resident/non-resident distinction and on current-versus-capital account transactions matters far more than rote memorisation. Always confirm the current number of questions, duration and passing marks from the latest IIBF examination notification before you register, as IIBF revises these periodically.
Forex Facilities for Individuals Syllabus 2026 - Chapter-Wise
The FEFI syllabus is a single comprehensive paper organised around the facilities available to residents, the facilities and rules for non-residents, and the miscellaneous/operational aspects. Here is the complete breakdown:
| Module / Ch | Topic | What you learn |
|---|---|---|
| 1 | Facilities for Residents under FEMA | Permitted forex facilities for resident individuals - travel, education, medical, gift and the Liberalised Remittance Scheme (LRS) - and the FEMA regulations that govern them. |
| 2 | Facilities & Regulations for Non-Resident Individuals | Rules applicable to NRIs and PIOs - NRE, NRO, FCNR(B) and RFC accounts, investment routes, repatriation and remittance of assets. |
| 3 | Miscellaneous Aspects | Cross-cutting topics - current vs capital account transactions, role of Authorised Dealers, forex cards, TCS on remittances and reporting/compliance. |
| Exam Info – 4 | Choice of Examination Centre | Select your centre carefully - there is no provision to change it after a successful application, and no change request is entertained. |
| Exam Info – 5 | Mobile Phones | Rules on carrying and using mobile phones at the examination venue. |
| Exam Info – 6 | Use of Calculator | Permitted calculator type and conditions for use during the exam. |
| Exam Info – 7 | Other Rules / Information | General conduct rules and information candidates must follow. |
| Exam Info – 8 | Venue & Seating Rules | No exit in the first 60 minutes from the scheduled start; candidates must occupy the allotted seat. |
| Exam Info – 9 | Penalties for Misconduct / Unfair Practices | Rules and penalties governing misconduct and unfair practices during the examination. |
| Exam Info – 10 | Debarment for Unfair Practices | Refer to the Institute's website under “Exam Related” for debarment-period details for unfair practices. |
| Exam Info – 11 | Result Advice / Marksheet / Certificate | How the result advice, consolidated marksheet and final certificate are issued. |
| Exam Info – 12–14 | Zonal Contact Details | IIBF zonal office contacts (South, North, East, West and North-East zones / PDC-Lucknow) for queries. |
Chapters 1 to 3 carry the academic content of FEFI; the remaining entries are the official examination instructions and contact details bundled into the IIBF syllabus document - read them once so nothing on exam day surprises you.
🆕 Recently Updated Topics You Must Not Miss
Forex rules for individuals are revised often, and the FEFI paper increasingly tests the latest position. Pay special attention to these recently revised areas (always cross-check the exact current figures against the latest RBI Master Directions / IIBF notification):
- Liberalised Remittance Scheme (LRS) limit & TCS: The per-financial-year LRS ceiling and the Tax Collected at Source (TCS) rates and thresholds on outward remittances - with different treatment for education, medical and other purposes - have been revised. Study the current limit and rate slabs rather than older numbers.
- Inclusion of overseas card spends under LRS: The treatment of international credit/debit card and forex-card usage abroad within the LRS framework has been clarified and adjusted. Verify what currently counts towards the LRS limit and the applicable TCS.
- NRI account & remittance-of-assets norms: Repatriation rules and reporting for NRO/NRE balances and remittance of assets are periodically refreshed under FEMA. Confirm the current annual repatriation ceiling from an NRO account and the documentation required.
We keep our FEFI notes and tests synced with these updates, so the figures you revise here stay current.
Quick FEFI One-Liners for Revision
Use these rapid-fire one-liners to lock in the high-yield FEFI concepts before the exam:
Free FEFI Study Resources on Learning Sessions
A syllabus is only the start - you clear FEFI by practising. Use the full Learning Sessions toolkit, all built around this exact syllabus:
- 📝 Chapter-wise FEFI mock tests - timed, exam-pattern MCQs with instant answers and explanations.
- ⚡ Chapter one-liners - bite-sized revision points (a sample set is above) for last-mile prep.
- 🎮 Matching games - gamified drills that make FEMA terms, account types and remittance rules stick.
- 📚 Detailed notes & study-material PDFs - topic-by-topic notes you can download and revise offline.
- 🎥 Live and recorded classes - concept-building sessions by Ashish Jain for every forex topic.
Test Yourself - FEFI Practice Questions
Try these hard, application-based questions. Tap Show Answer to check yourself and read the reasoning:
Q1. A resident individual wants to remit funds abroad to buy shares of a foreign company for investment. Under which scheme is this permitted, and what is the key constraint?
- a) FCNR(B) deposit, with no limit
- b) Liberalised Remittance Scheme, subject to the per-financial-year ceiling
- c) NRO account, freely repatriable
- d) RFC account, only on return to India
✅ Show Answer
Answer: b) Liberalised Remittance Scheme, subject to the per-financial-year ceiling
Overseas portfolio investment by a resident individual is a permitted capital account transaction under the LRS, subject to the overall per-financial-year limit. FCNR(B), NRO and RFC accounts are NRI/returnee products, not the route for a resident's outward investment.
Q2. An NRI earns rent from a flat in India and wants to credit it to a bank account. Which account is appropriate, given repatriation rules?
- a) NRE account, as it is foreign income
- b) FCNR(B) account, as it avoids exchange risk
- c) NRO account, since the income arises in India
- d) RFC account, since the person is non-resident
✅ Show Answer
Answer: c) NRO account, since the income arises in India
Income arising in India (such as rent) is credited to an NRO account. NRE and FCNR(B) are meant for foreign-source income, and RFC is for persons who have returned to resident status - not for current NRIs.
Q3. Which of the following is classified as a CAPITAL account transaction under FEMA?
- a) Payment for import of goods
- b) Remittance for a child's overseas education fees
- c) Acquisition of immovable property abroad by a resident
- d) Travel expenses for a foreign holiday
✅ Show Answer
Answer: c) Acquisition of immovable property abroad by a resident
Acquiring immovable property outside India alters assets/liabilities abroad and is therefore a capital account transaction. Import payments, education fees and travel are current account transactions.
Q4. A returning Indian who was an NRI now wishes to keep his foreign earnings in foreign currency within India. Which account suits him?
- a) NRE account
- b) NRO account
- c) RFC account
- d) FCNR(B) account
✅ Show Answer
Answer: c) RFC account
On regaining resident status, an NRI can park foreign-currency assets in a Resident Foreign Currency (RFC) account without converting to rupees. NRE, NRO and FCNR(B) accounts are for non-residents.
Q5. Under FEMA's scheme of regulation, the correct general rule for current account transactions is:
- a) Prohibited unless specifically permitted
- b) Permitted unless specifically prohibited or restricted
- c) Permitted only with prior RBI approval in every case
- d) Allowed only through the LRS
✅ Show Answer
Answer: b) Permitted unless specifically prohibited or restricted
FEMA treats current account transactions as generally free, subject to a negative/restricted list, whereas capital account transactions are permitted only if specifically allowed. This inversion is a frequently tested distinction.
Q6. When a resident individual makes an outward remittance under LRS above the prescribed threshold, what additional compliance is typically triggered?
- a) Conversion of the account to NRO
- b) Tax Collected at Source (TCS) at the applicable rate
- c) Mandatory FCNR(B) deposit
- d) RBI's prior individual approval for every remittance
✅ Show Answer
Answer: b) Tax Collected at Source (TCS) at the applicable rate
Outward LRS remittances above the prescribed threshold attract TCS, with differing rates for purposes such as education, medical treatment and other remittances. The AD bank collects it; candidates should verify the current rates and thresholds from the latest notification.
How to Prepare for the FEFI Exam
Because the FEFI paper is application-driven, a topic-by-topic approach works best:
- Master resident facilities (Chapter 1): nail the LRS - its purpose list, the per-year ceiling, TCS, and travel/education/medical remittances. This is the highest-yield area.
- Lock in the NRI framework (Chapter 2): build a crisp mental table of NRE vs NRO vs FCNR(B) vs RFC - who can open each, source of funds, repatriability and exchange-risk treatment.
- Cover miscellaneous aspects (Chapter 3): the current-vs-capital account rule, the role of Authorised Dealers, forex cards and reporting carry direct, factual marks.
- Revise with mocks + one-liners + games: alternate full-length mock tests with one-liner revision and matching games so accuracy and speed climb together. Skim the exam-instruction pages once so the centre, calculator and conduct rules are clear before test day.
Frequently Asked Questions
Is the Forex Facilities for Individuals (FEFI) course worth it?
Yes. For anyone at a branch forex desk or handling NRI customers and outward remittances, FEFI builds directly job-relevant skills and signals forex expertise to employers - one of the most practical IIBF certifications for customer-facing bankers.
What are the main topics in the FEFI syllabus?
The academic content covers three areas: forex facilities for resident individuals under FEMA (including LRS), the facilities and regulations for Non-Resident Individuals (NRE/NRO/FCNR(B)/RFC accounts), and miscellaneous aspects such as current vs capital account transactions and remittance compliance.
Where can I download the FEFI syllabus PDF?
You can download the complete FEFI syllabus PDF from the button above - it lists every topic and the official examination instructions in IIBF order.
How should I keep up with updated figures like the LRS limit and TCS?
Follow RBI Master Directions on FEMA, LRS and NRI accounts, and use our regularly-updated FEFI notes and mock tests, which reflect the latest limits, TCS rates and thresholds.
Start Your FEFI Preparation Today
A clear syllabus is half the battle. Download the FEFI syllabus PDF, map resident facilities, NRI rules and miscellaneous aspects to your study weeks, revise with one-liners and games, and back it all with timed mock tests. With a structured plan and consistent practice, the Forex Facilities for Individuals certification is well within reach.
Take a free mock test, download chapter PDFs, or watch a video class — all included on iibf.store.
