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<h1>Master Circular on Risk Management Consolidates Forex Derivatives and Overseas Hedging Rules; Valid Until July 1, 2012.</h1> The Master Circular on Risk Management and Inter-Bank Dealings, issued on July 1, 2011, consolidates existing instructions related to foreign exchange derivative contracts, overseas commodity and freight hedging, rupee accounts of non-resident banks, and inter-bank foreign exchange dealings. It is governed by specific FEMA notifications and their amendments. The circular is addressed to all Authorized Dealers - Category I Banks and includes a list of underlying circulars and notifications in the appendix. It has a sunset clause and will be withdrawn on July 1, 2012, to be replaced by an updated version.