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<h1>RBI Consolidates Guidelines on Forex Derivatives and Inter-Bank Dealings in Master Circular Effective July 2013.</h1> The Master Circular on Risk Management and Inter-Bank Dealings, effective July 1, 2013, consolidates existing instructions regarding foreign exchange derivative contracts, overseas commodity and freight hedging, rupee accounts of non-resident banks, and inter-bank foreign exchange dealings. These are governed by specific FEMA notifications and their amendments. The circular is addressed to all Authorized Dealers - Category I Banks and includes a comprehensive list of underlying circulars and notifications in the appendix. It is issued with a one-year sunset clause, set to be withdrawn and replaced by an updated version on July 1, 2014.