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of <h1>RBI's 2008 Master Circular outlines import guidelines under FEMA 1999, structured in five parts, effective for one year.</h1> The Master Circular on Import of Goods and Services, issued by the Reserve Bank of India (RBI) on July 1, 2008, provides guidelines under the Foreign Exchange Management Act 1999 for importing goods and services into India. It is structured into five parts: an introduction, general guidelines, operational guidelines, annexes with notifications and forms, and a list of consolidated circulars. The circular is effective for one year and will be replaced by an updated version on July 1, 2009. It is addressed to all Category-I Authorized Dealer Banks.
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