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<h1>RBI's Master Circular on Foreign Investment: Guidelines for FDI, PIS, LLPs, and Reporting under FEMA, 1999.</h1> The Master Circular on Foreign Investment in India, issued by the Reserve Bank of India (RBI), consolidates the regulatory framework for foreign investments under the Foreign Exchange Management Act (FEMA), 1999. It includes guidelines for Foreign Direct Investment (FDI), Portfolio Investment Scheme (PIS), and other foreign investments. The circular outlines the entry routes for foreign investments, eligibility criteria, types of instruments, pricing guidelines, and sector-specific policies. It also covers the procedures for reporting foreign investments, the issuance of shares, and the transfer of shares between residents and non-residents. Additionally, it addresses investments in Limited Liability Partnerships (LLPs) and partnership firms, providing detailed instructions for authorized dealer banks and investors. The circular is periodically updated to incorporate new instructions and regulatory changes.