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<h1>RBI Issues Master Circular on Risk Management & Inter-Bank Dealings; Consolidates FEMA Guidelines Until July 2008.</h1> The Master Circular on Risk Management and Inter-Bank Dealings consolidates existing instructions related to Rupee Accounts of Non-Resident Banks, Inter-Bank Dealings, and Foreign Exchange Derivative Contracts. These are governed by specific provisions in various FEMA notifications and their amendments. The circular, issued to all Authorized Dealers - Category I, serves as a comprehensive guide and will be in effect until July 1, 2008, after which it will be replaced by an updated version. The circular aims to streamline and clarify the regulations for better compliance and understanding among financial institutions.