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<h1>Master Circular on Foreign Investments: Guidelines for JVs and WOS under FEMA 1999, Investment Routes, and Sector Conditions.</h1> The Master Circular consolidates guidelines for direct investments by residents in Joint Ventures (JV) and Wholly Owned Subsidiaries (WOS) abroad under the Foreign Exchange Management Act, 1999. It outlines permissible transactions, prohibitions, and general permissions, detailing automatic and approval routes for investments. The circular specifies conditions for investments in various sectors, including financial services, and provides procedural instructions for Authorized Dealer banks. It also addresses issues like share pledging, hedging, and disinvestment. The circular is valid for one year, after which it will be updated.