The IIBF Foreign Exchange Operations Syllabus 2026 covers the key concepts and regulatory requirements related to foreign exchange transactions, FEMA, documentary credits, export finance, and foreign trade. The Certificate Course in Foreign Exchange Operations is especially useful for banking professionals working with foreign exchange operations and Authorized Dealer (AD) Banks. The syllabus also focuses on the latest developments in banking, finance, FEMA, and foreign exchange regulations. Candidates should therefore study the prescribed topics along with relevant updates applicable to the examination period.
What is the IIBF Foreign Exchange Operations Syllabus 2026?
The IIBF Foreign Exchange Operations syllabus is divided into six major sections, covering both regulatory and operational aspects of foreign exchange business. The syllabus begins with FEDAI rules, foreign exchange rates, and risk management, followed by FEMA requirements for individuals and entities. It also includes documentary credits, export finance, and Foreign Trade Policy 2023. Candidates should note that the syllabus is indicative, which means questions may also be asked from relevant matters within the subject. The Institute has also specified that recent developments in banking and finance may be included in the examination. The 6 sections are:
- Section 1: FEDAI Role, Rules, Foreign Exchange Rates and Risk Management
- Section 2: Regulatory Requirements under FEMA for Resident / Non-Resident Individuals
- Section 3: Regulatory Requirements under FEMA for Resident / Non-Resident Entities
- Section 4: Documentary Credits & Standby Credits
- Section 5: Export Finance
- Section 6: Foreign Trade Policy 2023
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What is the IIBF Foreign Exchange Operations exam pattern 2026?
The IIBF Foreign Exchange Operations examination is conducted in online remote-proctored mode. The paper consists of 100 objective-type multiple-choice questions for a total of 100 marks. Candidates get 2 hours to complete the examination and need to score at least 50 marks to pass. There is no negative marking, so candidates can attempt all questions. The examination is conducted in English only and must be taken using a desktop or laptop. Mobile phones and tablets are not permitted for the examination.
| Particulars | Details |
|---|
| Exam Name | Certificate Course in Foreign Exchange Operations |
| Subject | Foreign Exchange Operations |
| Mode | Online – Remote Proctored |
| Type of Questions | Objective-type Multiple Choice Questions (MCQs) |
| Number of Questions | 100 |
| Total Marks | 100 |
| Duration | 2 Hours |
| Passing Marks | 50 out of 100 |
| Negative Marking | No negative marking |
| Medium | English only |
| Device Required | Desktop or Laptop |
What is covered in Section 1 of the IIBF Foreign Exchange Operations syllabus?
Section 1 covers the role of FEDAI, foreign exchange rates, forex risk management, and important professional practices. This section helps candidates understand the framework within which foreign exchange operations are carried out by banks. It also covers ethics, compliance, corporate governance, and the code of conduct applicable to foreign exchange operations. The major topics covered under this section are:
| Topic | Details |
|---|
| FEDAI Role and Rules | Role of FEDAI and FEDAI Rules relating to foreign exchange operations |
| Foreign Exchange Rates and Risk Management | Foreign exchange rates and forex risk management |
| Code of Conduct | Professional code of conduct in foreign exchange operations |
| Ethics and Compliance | Ethical practices and regulatory compliance |
| Corporate Governance | Key principles of corporate governance |
What is covered in Section 2 of the IIBF Foreign Exchange Operations syllabus?
Section 2 focuses on the regulatory requirements under FEMA for resident and non-resident individuals. It covers different types of remittance facilities, foreign currency accounts, overseas assets, and facilities available to Non-Resident Indians. Candidates should understand the applicable FEMA provisions and the permitted facilities under each topic. The major topics include:
| Topic | Details |
|---|
| Remittance Facilities under LRS | Liberalised Remittance Scheme and related remittance facilities |
| Other Remittance Facilities | Remittance facilities available to resident Indians and other eligible persons |
| Foreign Currency Accounts | Various foreign currency accounts maintained in India and abroad |
| Acquisition of Assets Outside India | Immovable property and investments in securities abroad |
| Remittance of Assets | Rules and facilities relating to remittance of assets |
| Facilities for NRIs | Deposit accounts, investments, borrowings, and other NRI facilities |
What is covered in Section 3 of the IIBF Foreign Exchange Operations syllabus?
Section 3 deals with FEMA requirements for resident and non-resident entities. It focuses on foreign exchange transactions involving imports, exports, external commercial borrowings, overseas investments, and investments in India by non-resident entities. The section also covers the establishment of Liaison Offices, Branch Offices, and Project Offices in India by foreign entities. The key topics are:
| Topic | Details |
|---|
| Import of Goods and Services | Import transactions and other non-import remittances |
| External Commercial Borrowing | Rules and requirements relating to ECB |
| Export of Goods and Services | Regulatory requirements for export transactions |
| Investments Outside India | Overseas investments by resident entities |
| Investments in India by Non-Residents | Investments by non-resident corporates, FPIs, and other entities |
| Establishment of Offices in India | Rules relating to Liaison Office, Branch Office, and Project Office |
What is covered in Section 4 of the IIBF Foreign Exchange Operations syllabus?
Section 4 covers documentary credits, standby credits, and important international trade rules issued by the International Chamber of Commerce (ICC). Candidates should be familiar with the major ICC rules and publications mentioned in the syllabus, as these are important for understanding international trade and banking transactions. The section includes:
| Topic | Details |
|---|
| INCOTERMS 2010 | ICC guidelines relating to international trade terms |
| URC 522 | Uniform Rules for Collections |
| UCP 600 | Uniform Customs and Practice for Documentary Credits |
| eUCP Version 1.1 | Rules for electronic presentation under documentary credits |
| ISBP – ICC Publication 745 | International Standard Banking Practice |
| URBO – ICC Publication 750 | Uniform Rules for Bank-to-Bank Reimbursements |
| URDG 758 | Uniform Rules for Demand Guarantees |
| DOCDEX Rules – ICC Publication 872 | Rules relating to documentary credit dispute resolution |
What is covered in Section 5 of the IIBF Foreign Exchange Operations syllabus?
Section 5 focuses on export finance and the different financial facilities available to exporters. It covers both pre-shipment and post-shipment finance in Indian Rupees and foreign currency. The section also includes international factoring, forfaiting, and the role of the Export Credit Guarantee Corporation (ECGC). The major topics are:
| Topic | Details |
|---|
| Pre-Shipment Finance | Finance provided before shipment of exported goods |
| Post-Shipment Finance | Finance provided after shipment of exported goods |
| Rupee Finance | Export finance available in Indian Rupees |
| Foreign Currency Finance | Export finance available in foreign currency |
| International Factoring | Factoring in international trade transactions |
| Forfaiting | Financing of export receivables |
| ECGC | Export credit guarantee and related concepts |
What is covered in Section 6 of the IIBF Foreign Exchange Operations syllabus?
Section 6 covers the Foreign Trade Policy (FTP) 2023 and policy issues that are specifically relevant to Authorized Dealer Banks. Candidates should focus not only on the policy provisions but also on the latest relevant updates applicable to foreign trade and foreign exchange operations. The section covers:
- Foreign Trade Policy 2023
- Policy provisions relevant to Authorized Dealer Banks
- Important foreign trade-related requirements
- Latest relevant updates and changes
Is the IIBF Foreign Exchange Operations syllabus indicative?
Yes, the IIBF Foreign Exchange Operations syllabus is indicative. Candidates should not limit their preparation only to the topics listed in the syllabus. The Institute states that questions may be asked on relevant matters falling within the subject. Candidates should also prepare the latest developments in:
- Banking and finance
- Foreign exchange operations
- FEMA and related regulations
- Foreign trade
- Export finance
- Regulatory guidelines
- Other relevant developments in the subject
For the September 2026 to February 2027 examination period, regulatory instructions, guidelines, and important developments issued up to 30 June 2026 are considered for inclusion in the question paper.
What is the passing criteria for the IIBF Foreign Exchange Operations exam?
Candidates need to score at least 50 marks out of 100 to pass the IIBF Foreign Exchange Operations examination. This means the minimum passing percentage is 50%. Since there is no negative marking, candidates can attempt all questions without losing marks for incorrect answers.
| Particular | Passing Criteria |
|---|
| Total Marks | 100 |
| Minimum Passing Marks | 50 |
| Passing Percentage | 50% |
| Negative Marking | No negative marking |
Download IIBF Foreign Exchange Operations Syllabus PDF
Download the IIBF Foreign Exchange Operations Syllabus PDF to get the complete section-wise syllabus, important topics, and latest updates covered in the Certificate Course in Foreign Exchange Operations exam.
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