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of <h1>RBI's Master Circular Regulates Import of Goods and Services in India Under FEMA 1999, Valid Until July 2008.</h1> The Master Circular on Import of Goods and Services, issued by the Reserve Bank of India, outlines the regulatory framework for the import of goods and services into India under the Foreign Exchange Management Act 1999. It is structured into five parts: introduction, general guidelines, operational guidelines, annexes with notifications and forms, and a list of consolidated circulars. This circular, effective from July 2, 2007, includes a sunset clause, expiring on July 1, 2008, after which it will be replaced by an updated version. It is addressed to all banks authorized to deal in foreign exchange.
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