RBI-maintained database of Indian exporters and importers who have failed FEMA foreign-exchange obligations. Being listed freezes new export filings.
Definition
The RBI Caution List is a Reserve Bank of India-maintained database of Indian exporters and importers who have failed to meet foreign-exchange obligations under FEMA. Being caution-listed effectively freezes the exporter's business — no new shipping bills can be filed, no new trade financing can be arranged, and the listing is visible to every AD Bank in India.
What triggers a listing
Unrealized shipping bills beyond the RBI window (currently 9 months, extendable to 15) without approved extension
Multiple overdue bills with a pattern of non-response to AD Bank reminders
FEMA violations flagged during compliance inspections
Consequences
DGFT blocks new shipping bill filings at every Indian port
AD Bank freezes trade services — no new pre-shipment credit, no post-shipment financing, no LC issuance
Higher forward FX margins — banks may demand 100% cash margin
Reputational damage — the historical listing remains visible on your IEC record even after removal
Path to removal
Close all overdue shipping bills (realization / extension / write-off)
File formal removal application with your AD Bank
AD Bank reviews and recommends to RBI
RBI reviews (typically 60-90 days for clean cases)
Removal notified to all AD Banks (3-6 months total elapsed)
For Indian FBA exporters
Almost every FBA caution-listing traces to one root cause: waiting too long to file extensions or write-offs. FBA payments naturally trickle in over 6-9 months, and shipping bills that will be short by Amazon's fees need write-off applications filed before the deadline, not after.