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<h1>Updated FEMA 1999 Master Direction consolidates forex reporting rules for authorised dealers, banks, ensuring accurate, timely submissions</h1> The circular issues a Master Direction consolidating all reporting requirements under the Foreign Exchange Management Act, 1999, applicable to authorised persons, including authorised dealer category-I banks and authorised banks. It underscores that FEMA administration relies on declarations made during foreign exchange transactions and that accurate, timely submission of prescribed reports and forms is essential for regulatory supervision and policy formulation. The Master Direction, initially issued on January 1, 2016, has been repeatedly updated, with significant amendments incorporated through complete replacements for ease of reference, and will continue to be revised as new instructions are issued.