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<h1>Consolidated Guidelines for Overseas Investments by Residents under FEMA 1999: Effective July 1, 2008, with Sunset Clause.</h1> The Master Circular consolidates existing instructions regarding direct investments by residents in Joint Ventures (JV) and Wholly Owned Subsidiaries (WOS) abroad, as per the Foreign Exchange Management Act 1999 and related notifications. It is addressed to all banks authorized to deal in foreign exchange and outlines the regulatory framework for such investments. The circular, effective from July 1, 2008, includes a sunset clause, indicating it will be withdrawn and replaced by an updated version on July 1, 2009. The document aims to streamline and clarify the guidelines for facilitating these overseas investments.