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<h1>Master Circular on Exports: Guidelines for Indian Export Transactions, Accounts, and Procedures Under FEMA Act 1999.</h1> The Master Circular on Exports of Goods and Services, updated to May 14, 2015, consolidates existing instructions for the export of goods and services from India under the Foreign Exchange Management Act, 1999. It provides guidelines for authorized dealer banks regarding export transactions, including exemptions, receipt and payment methods, realization and repatriation of export proceeds, and operational guidelines. The document also covers specific accounts such as the Diamond Dollar Account and Exchange Earners' Foreign Currency Account, and addresses issues like advance payments, consignment exports, invoicing, and export claims. It includes procedures for handling shipping documents, export bills, and overdue bills, along with provisions for write-offs and extensions of time for realization.