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of <h1>RBI Issues Master Circular on Export Procedures Under FEMA 1999; Details on Payments, Accounts, and Export Claims.</h1> The Master Circular on Exports of Goods and Services consolidates guidelines under the Foreign Exchange Management Act (FEMA) 1999, detailing procedures for exporting goods and services from India. It outlines the manner of receipt and payment, realization and repatriation of export proceeds, and operational guidelines for authorized dealer banks. The circular covers various aspects such as foreign currency accounts, advance payments, consignment exports, and setting up offices abroad. It includes provisions for handling export claims, invoicing software exports, and managing overdue bills. The circular, with a sunset clause of one year, is set to be updated annually.
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